<SEC-DOCUMENT>0001292814-17-003355.txt : 20171218
<SEC-HEADER>0001292814-17-003355.hdr.sgml : 20171218
<ACCEPTANCE-DATETIME>20171218163909
ACCESSION NUMBER:		0001292814-17-003355
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20171218
DATE AS OF CHANGE:		20171218

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		171261869

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>siditr2q16_6ka.htm
<DESCRIPTION>SIDITR2Q16_6KA
<TEXT>

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   <TITLE>siditr2q16_6ka.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of December, 2017</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Table of Contents</FONT></B></H1>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></P></TD>

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

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></P></TD>

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

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

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></P></TD></TR>

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>4</FONT></FONT></P></TD></TR>

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

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

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

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

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></P></TD>

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

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></P></TD>

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

<TR style="HEIGHT: 17pt">

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

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>8</FONT></FONT></P></TD></TR>

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>83</FONT></P></TD></TR></TABLE></DIV>

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>06/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

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

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

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<P style="TEXT-ALIGN: right">Page 1&nbsp;</P>

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Parent Company Statements / Balance Sheet - Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

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<TR style="HEIGHT: 15pt">

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   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

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

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>40,523,192</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>44,570,369</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,745,548</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,842,440</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and cash equivalents</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,487,468</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,885,199</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial investments</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>109,092</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>763,599</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial investments measured at amortized cost</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>763,599</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,245,449</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,467,523</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Inventories</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,233,580</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,850,744</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>669,959</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>875,375</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Non-current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>32,777,644</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>35,727,929</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Long-term receivables</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,225,883</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,281,470</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other non-current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,225,883</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,281,470</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investments</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>22,246,875</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25,517,369</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Property, plant and equipment</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>9,245,398</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,866,348</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intangible assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>59,488</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>62,742</FONT></P></TD></TR></TABLE></DIV>

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

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

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<P style="MARGIN: 0in 7pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="90%" colSpan=3>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="80%" colSpan=2>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">&nbsp;</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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

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

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>40,523,192</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>44,570,369</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,533,932</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>142,050</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>748,094</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>57,989</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,174,927</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>325,240</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>85,632</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>85,632</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30,950,159</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>34,334,488</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>27,903,434</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>88,404</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>663,581</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>666,081</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,294,740</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>544,323</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,750,417</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>249,486</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>986,564</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,039,101</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,963,509</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Profit/(Losses) </FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,121,552</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -367,214</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,620,623</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,790,693</FONT></P></TD></TR></TABLE></DIV>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 12.5pt">

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

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

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="60%" colSpan=2>

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

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 19.05pt">

   <TD style="HEIGHT: 19.05pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 19.05pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="50%">

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

   <TD style="HEIGHT: 19.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 19.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 19.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Same Quarter <BR>Previous Year</FONT></B></P></TD>

   <TD style="HEIGHT: 19.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 19.65pt">

   <TD style="HEIGHT: 19.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>04/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 19.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 19.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>04/01/2015 to 06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 19.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,191,674</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,169,314</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,870,847</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,928,879</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,906,666</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,545,062</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,267,849</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-4,457,281</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.25in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>285,008</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>624,252</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>602,998</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,471,598</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-636,568</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,493,524</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-760,491</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>253,539</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-137,596</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-306,229</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-148,232</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-294,150</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-72,367</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-195,627</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-90,806</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-175,370</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,730</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,570</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,547</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>12,269</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-86,927</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-189,469</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-204,927</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-406,687</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Equity in income of affiliates</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-341,408</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-806,769</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-325,073</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,117,477</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-351,560</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-869,272</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-157,493</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,725,137</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>380,363</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>112,485</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-555,237</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,583,592</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>68,242</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>86,671</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-87,637</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>407,056</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>312,121</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25,814</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-467,600</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,990,648</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,091,248</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,134,372</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>310,866</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,349,106</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-779,127</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,108,558</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-778,466</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,641,542</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>28,803</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-756,787</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-712,730</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-858,455</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,050</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,449</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>98,462</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>636,243</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30,853</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-754,338</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,268</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30,853</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-754,338</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,268</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.02273</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-0.55583</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-0.45262</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-0.16373</FONT></P></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: right">Page 4</P>

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

&nbsp; <A name="page_6"></A>

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="80%" colSpan=4>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Same Quarter Previous Year</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 24.75pt">

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>04/1/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1/1/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4/1/2015 to 06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1/1/2015 to 06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;30,853</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,268</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>412,619</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>829,930</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-377,048</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-14,035</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Actuarial (losses) gains on defined benefit plan from investments in subsidiaries, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-221</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-96</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Actuarial (losses) gains on defined benefit</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on actuarial (losses) gains on defined benefit</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-118</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-118</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cumulative translation adjustments for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-278,981</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-460,092</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-7,815</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>168,956</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.05</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>95,500</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,853</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-594,881</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,254</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.06</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>202,259</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-767</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.07</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Available-for-sale assets from investments in subsidiaries, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-89,516</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-20,817</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.08</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>89,434</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>97,851</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.09</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-30,407</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-33,269</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.10</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on the percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.11</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) gain on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>538,461</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,072,884</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>81,685</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-345,960</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.12</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-27,773</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>117,626</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.13</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Realization of cash flow hedge reclassified to the income statement</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,826</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>20,523</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.14</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) gain on net investment hedge</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>49,200</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>68,064</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>443,472</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;75,592</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-991,316</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-236,247</FONT></P></TD></TR></TABLE></DIV>

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

<a name="_bclFooter6"></a><DIV>

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

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

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

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

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<P style="TEXT-ALIGN: right">Page 5</P>

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Parent Company Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></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="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(R$ thousand)</FONT></B></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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Year To Date</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>01/01/2015 to 6/30/2015</FONT></B></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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Net cash generated by operating activities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,096,182</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>330,933</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash generated from operations</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-871,793</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,998,343</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Profit (loss) for the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Charges on borrowings and financing</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,257,102</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,575,442</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Charges on loans and financing granted</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-17,550</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,535</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Depreciation, depletion and amortization</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>275,222</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>424,556</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Equity in income (losses) of affiliates</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>806,769</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,117,477</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Deferred income tax and social contribution</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,500</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-642,283</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provision for tax, social security, labor, civil and environmental risks</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-26,343</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>146,453</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Inflation adjustment and exchange differences, net</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,436,646</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,720,814</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>97,851</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Residual value of permanent assets written off</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>20,729</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,907</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.14</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other provisions</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,762</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>20,827</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Changes in assets and liabilities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,967,975</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,667,410</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables - third parties</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-66,349</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-172,718</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>272,198</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-158,525</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Inventories</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>617,162</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-328,120</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Receivables - related parties / Dividends</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-7,350</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,550</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Recoverable taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>199,099</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-59,206</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Judicial deposits</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>32,595</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-13,396</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Dividends received - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,300,090</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade payables</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,618</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>277,095</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payroll and related taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-135</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-24,717</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Taxes in installments - REFIS</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>55,379</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-27,922</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.14</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payables to 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-22,840</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>41,557</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.16</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest paid</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,324,899</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,205,227</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.17</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest received</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>651</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.19</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-92,593</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,668</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Net cash used in investing activities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-82,009</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-51,015</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investments / Advances for future capital increase</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-212,939</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-18,452</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Purchase of property, plant and equipment</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-608,265</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-828,458</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash reduction of subsidiaries and joint ventures</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>129,745</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital reduction in subsidiary and joint venture</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>486,758</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intercompany loans granted</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-25,143</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intercompany loans received&nbsp; </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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,546</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.10</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Exclusive funds</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>84,688</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>198,989</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial Investments, net of redemption</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>654,507</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Net cash used in financing activities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-389,838</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,184,399</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Borrowings and financing, net of transaction cost</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-26,018</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>595,000</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Borrowings and financing - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>40,239</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Funding Forfaiting / 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>78,240</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>386,143</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payment Forfaiting / 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-257,631</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-562,948</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Amortization of principal on borrowings and financing</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-184,429</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-585,436</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Amortization of principal on borrowings and financing - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-40,239</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-457,936</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payments of dividends and interests on shareholder&#180;s equity</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-549,832</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Exchange differences on translating cash and cash equivalents</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-22,066</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Increase (decrease) in cash and cash equivalents</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>602,269</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-904,481</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and equivalents at the beginning of the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,885,199</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and equivalents at the end of the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,487,468</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,241,912</FONT></P></TD></TR></TABLE></DIV>

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=8>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2016 to 06/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" colSpan=2>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 51.75pt">

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Earnings reserve</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Shareholders' equity</FONT></B></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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-367,214</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,790,693</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,963,509</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -367,214</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,790,693</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,963,509</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total comprehensive income</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>829,930</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;75,592</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Profit (loss) for the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other comprehensive income</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>829,930</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>829,930</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Translation adjustments for the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-460,092</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-460,092</FONT></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Actuarial gains(losses) on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>114</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Available-for-sale assets, net of taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,853</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,853</FONT></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.10</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on the percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on hedge accounting, net of taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,072,884</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,072,884</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.12</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Realization of cash flow hedge accounting reclassified to income statement</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>20,523</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>20,523</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.13</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on foreign investment hedge</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>68,064</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>68,064</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-1,121,552</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,620,623</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,039,101</FONT></P></TD></TR></TABLE></DIV>

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

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

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=8>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Equity - 01/01/2015 to 06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" colSpan=2>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 51.75pt">

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Earnings reserve</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Shareholders' equity</FONT></B></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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25,140</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,696,468</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25,140</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,696,468</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital transactions with shareholders</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-284,390</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-284,390</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Treasury Shares Acquired</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,390</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Dividends</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-275,000</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-275,000</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total comprehensive income</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-14,035</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-236,247</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Profit for the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other comprehensive income</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-14,035</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-14,035</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Translation adjustments for the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>168,956</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>168,956</FONT></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Actuarial gains(losses) on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>134</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>134</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Available-for-sale assets, net of taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>45,252</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>45,252</FONT></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.10</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on the percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on hedge accounting, net of taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-228,334</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-228,334</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="30%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>846,908</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,105</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,175,831</FONT></P></TD></TR></TABLE></DIV>

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

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

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

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<P style="TEXT-ALIGN: right">Page 8</P>

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="90%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Parent Company Statements / Statement of Value Added </FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="80%" colSpan=2>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">&nbsp;</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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Year to Date</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>YTD Prior Year&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></B></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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Revenues</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,137,596</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,173,036</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sales of products and services</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,161,434</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,128,823</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other revenues</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-14,507</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>62,125</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Allowance for (reversal of) doubtful debts</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,331</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-17,912</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Raw materials acquired from third parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-4,128,170</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-5,054,210</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,658,296</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,996,450</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Materials, electric power, outside services and other</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-467,883</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-954,824</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment/recovery of assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,991</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-5,085</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-97,851</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-97,851</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Gross value added</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,009,426</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,118,826</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retentions</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-275,222</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-424,556</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-275,222</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-424,556</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Wealth created</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>734,204</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,694,270</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Value added received as transfer</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-1,038,952</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,126,557</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Equity in income of affiliates</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-806,769</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,117,477</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Finance income</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>86,671</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>407,056</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-318,854</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>602,024</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.06.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other and exchange gains</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-318,854</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>602,024</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Wealth for distribution</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-304,748</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,820,827</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Wealth distributed</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-304,748</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,820,827</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Personnel</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>562,304</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>679,471</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Salaries and wages</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>429,873</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>518,615</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Benefits</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>99,496</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,447</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Severance pay fund (FGTS) </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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>32,935</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>33,409</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Taxes, fees and contributions</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>227,638</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-226,792</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Federal</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>178,213</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-293,008</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>State</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>49,425</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>62,039</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Municipal</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,177</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Remuneration on third-party capital</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-340,352</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,590,360</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,108,926</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,641,127</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Leases</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,215</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,874</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,454,493</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,944,359</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.03.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other and exchange losses</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,454,493</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,944,359</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Remuneration on Shareholders capital</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD></TR></TABLE></DIV>

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

<a name="_bclFooter10"></a><DIV>

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

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

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

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<P style="TEXT-ALIGN: right">Page 9</P>

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="90%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</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="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">&nbsp;</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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

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

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

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

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

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

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>43,145,687</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>47,339,409</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,925,609</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>16,430,691</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and cash equivalents</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,139,041</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,861,052</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial investments</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>322,925</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>763,599</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial investments measured at amortized cost</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>322,925</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>763,599</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,688,377</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,578,277</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Inventories</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,834,048</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,941,314</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>941,218</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,286,449</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Non-current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>31,220,078</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>30,908,718</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Long-term receivables</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,605,680</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,661,987</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Deferred taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>73,108</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>78,066</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other non-current assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,532,572</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,583,921</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investments</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,400,294</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,998,239</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Property, plant and equipment</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>17,908,164</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>17,826,226</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="10%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intangible assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,305,940</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,422,266</FONT></P></TD></TR></TABLE></DIV>

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

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

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<P style="TEXT-ALIGN: right">Page 10</P>

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

&nbsp; <A name="page_12"></A>

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

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

<DIV align=left>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

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<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

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

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>43,145,687</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>47,339,409</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,181,108</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,082,199</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>261,743</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>256,840</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,194,942</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,293,008</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>397,148</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>457,391</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,337,872</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,874,681</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>865,285</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,073,017</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>124,118</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,262</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>124,118</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,262</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>31,774,542</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>35,165,992</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>29,004,967</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>32,407,834</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>137,032</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>131,284</FONT></P></TD></TR>

<TR style="HEIGHT: 20.6pt">

   <TD style="HEIGHT: 20.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2.02.03</FONT></P></TD>

   <TD style="HEIGHT: 20.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 20.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,103,443</FONT></P></TD>

   <TD style="HEIGHT: 20.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,072,033</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,529,100</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,554,771</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>690,707</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>711,472</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>838,393</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>843,299</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provision for environmental liabilities and asset retirement obligations</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>324,025</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>328,931</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>514,368</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>514,368</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,190,037</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,091,288</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Profit/(Losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-1,121,552</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-367,214</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,620,623</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,790,693</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2.03.09</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,150,963</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,127,779</FONT></P></TD></TR></TABLE></DIV>

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

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

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

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

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<P style="TEXT-ALIGN: right">Page 11</P>

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

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

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Statements of Income&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="60%" colSpan=2>

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 12.9pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Current Quarter </FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Year To Date</FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Same Quarter <BR>Previous Year</FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>04/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>04/01/2015 to 06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,185,078</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,193,149</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,687,140</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,697,392</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-3,262,639</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-6,344,665</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,847,095</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-5,872,628</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>922,439</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,848,484</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>840,045</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,824,764</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-651,166</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,343,279</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-688,079</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-913,813</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-394,183</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-844,604</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-311,344</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-612,174</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-104,230</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-264,341</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-109,897</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-219,742</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>11,746</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>34,018</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>12,562</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>18,524</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-182,927</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-331,759</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-235,578</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-455,077</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Equity in income of affiliates</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>18,428</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>63,407</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-43,822</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>354,656</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>271,273</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>505,205</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>151,966</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>910,951</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-197,019</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-1,093,958</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-771,695</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,641,395</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>140,729</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>383,883</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>43,477</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>99,613</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-337,748</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-1,477,841</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-815,172</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,741,008</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>487,675</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>169,435</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-7,223</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-72,466</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-825,423</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-1,647,276</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-807,949</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,668,542</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>74,254</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-588,753</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-619,729</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-730,444</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-28,131</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-141,821</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,136</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>507,653</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;46,123</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-730,574</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,593</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,791</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;46,123</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-730,574</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,593</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,791</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3.11.01</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Attributed to controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;30,853</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,268</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3.11.02</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Attributed to non-controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,270</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>23,764</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-325</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-579</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.02273</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-0.55583</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-0.45262</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-0.16373</FONT></P></TD></TR></TABLE></DIV>

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

<a name="_bclFooter13"></a><DIV>

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

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

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<P style="TEXT-ALIGN: right">Page 12</P>

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

&nbsp; <A name="page_14"></A>

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="80%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Statement of Comprehensive Income</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Current Quarter</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Year to date</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Same Quarter Previous Year</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>04/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>04/01/2015 to 06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;46,123</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-730,574</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-614,593</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,791</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>412,619</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>829,930</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-377,048</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-14,035</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Actuarial gains on defined benefit plan from investments in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Actuarial gains (losses) on defined benefit pension plan</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>202</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-68</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cumulative translation adjustments for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-278,981</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-460,092</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-7,815</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>168,956</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.05</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>95,500</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>127,853</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-677,690</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-29,287</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.06</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>195,552</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>9,957</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.07</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>89,434</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>97,851</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.08</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-30,407</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-33,269</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.09</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on the percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.10</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Gain (loss) on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>538,461</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,072,884</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>81,685</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-345,960</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.11</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-27,773</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>117,626</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.12</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Realization of cash flow hedge accounting reclassified to income statement</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,826</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>20,523</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.02.13</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Loss) / gain on foreign investment hedge</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>49,200</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>68,064</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Consolidated comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>458,742</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;99,356</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-991,641</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-236,826</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Attributed to controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>443,472</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;75,592</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-991,316</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-236,247</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.03.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Attributed to non-controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,270</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>23,764</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-325</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-579</FONT></P></TD></TR></TABLE></DIV>

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

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

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<P style="TEXT-ALIGN: right">Page 13</P>

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

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

<DIV align=left>

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



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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></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="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(R$ thousand)</FONT></B></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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

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

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Year to Date</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>01/01/2015 to 06/30/2015</FONT></B></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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Net cash generated by operating activities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-730,946</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,178,068</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash generated from operations</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-118,710</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,958,173</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;Profit (loss) for the year attributable to owners of the Company</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-222,212</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the year attributable to non-controlling interests</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>23,764</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-579</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Charges on borrowings and financing</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,485,733</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,583,962</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Charges on loans and financing granted</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-26,838</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-8,659</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Depreciation, depletion and amortization</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>637,392</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>561,655</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Equity in income (losses) of affiliates</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-63,407</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-354,656</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Deferred income tax and social contribution</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>87,731</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-599,697</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provision for tax, social security, labor, civil and environmental risks</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-23,909</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>183,442</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inflation adjustment and exchange differences, net</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,359,310</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,633,246</FONT></P></TD></TR>

<TR style="HEIGHT: 18.05pt">

   <TD style="HEIGHT: 18.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.10</FONT></P></TD>

   <TD style="HEIGHT: 18.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 18.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>362</FONT></P></TD>

   <TD style="HEIGHT: 18.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,658</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>97,851</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.16</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;Residual value of permanent assets written off</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>26,988</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,553</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.17</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain on repurchase of debt securities</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-146,214</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.01.20</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other provisions</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-6,664</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>76,609</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-612,236</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,780,105</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Receivables - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-112,548</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-262,503</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Receivables - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-8,526</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-29,283</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Inventories</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,107,265</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-253,368</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Recoverable taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>235,524</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>19,757</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Judicial deposits</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>24,624</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-23,068</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade payables</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-96,459</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>267,110</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payroll and related taxes</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,580</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-17,311</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Taxes in installments - REFIS</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;-45,162</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-128,492</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payables to 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,212</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>13,657</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.14</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest paid</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,583,668</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,362,278</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.15</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest received</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>651</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.01.02.17</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-142,078</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-4,977</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Net cash used in investing activities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,287,504</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>185,918</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investments</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-190,435</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Purchase of property, plant and equipment</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-797,054</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-900,637</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital reduction on joint venture</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>466,758</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-715,547</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>551,882</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.10</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

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

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-6</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-201</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.11</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intercompany loans granted</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-25,143</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.12</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intercompany loans received&nbsp; </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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>58,385</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.02.13</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial Investments, net of redemption</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>415,538</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>34,874</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Net cash used in financing activities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-671,439</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,199,780</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Capitalization net of transactions cost</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-26,950</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>599,071</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Funding Forfaiting / 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>78,240</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>386,143</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payment Forfaiting / 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-257,631</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-562,948</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Amortization of principal on borrowings and financing</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-307,395</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,969,314</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Amortization of principal on borrowings and financing - 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-52,839</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payments of dividends and interests on shareholder&#180;s equity</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-549,832</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black 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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.03.09</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Buyback of debt securities</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-157,703</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-40,671</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Exchange differences on translating cash and cash equivalents</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-32,122</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-5,799</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Increase (decrease) in cash and cash equivalents</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,722,011</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-841,593</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and equivalents at the beginning of the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,861,052</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>8,686,021</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and equivalents at the end of the year</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,139,041</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,844,428</FONT></P></TD></TR></TABLE></DIV>

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="90%" colSpan=9>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Equity - 1/1/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=2>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 51.75pt">

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Paid-in capital</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Capital reserve, granted options and treasury shares</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Earnings reserve</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Non-controlling interests</FONT></B></P></TD>

   <TD style="HEIGHT: 51.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Consolidated shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-367,214</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,790,693</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,963,509</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,127,779</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>7,091,288</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -367,214</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,790,693</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,963,509</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,127,779</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>7,091,288</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;-754,338</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>829,930</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;75,592</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>23,764</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;99,356</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Profit (loss) for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;-754,338</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;-754,338</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>23,764</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;-730,574</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>829,930</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>829,930</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>829,930</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-460,092</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-460,092</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-460,092</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Actuarial gains(losses) on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>114</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>127,853</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>127,853</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>127,853</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.10</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(Loss) / gain on the percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>584</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>584</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>584</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.11</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(Loss) / gain on hedge accounting, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,072,884</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,072,884</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,072,884</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.12</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Realization of cash flow hedge accounting reclassified to income statement</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>20,523</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>20,523</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>20,523</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.13</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(Loss) / gain on foreign investment hedge</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>68,064</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>68,064</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>68,064</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.06</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Internal changes in shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-607</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-607</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Non-controlling interests in subsidiaries </FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-607</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-607</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Closing balance</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>&nbsp;-1,121,552</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2,620,623</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>6,039,101</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,150,936</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>7,190,037</FONT></P></TD></TR></TABLE></DIV>

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

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

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<P style="TEXT-ALIGN: right">Page 15</P>

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Equity - 1/1/2015 to 06/30/2015</FONT></B></P></TD>

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

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%" colSpan=2>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Paid-in capital</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Capital reserve, granted options and treasury shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Earnings reserve</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Non-controlling interests</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Consolidated shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Opening balances</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: 9pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>25,140</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5,696,468</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>38,507</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5,734,975</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,131,298</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>25,140</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5,696,468</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>38,507</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5,734,975</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-284,390</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-284,390</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-284,390</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.04.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Treasury shares acquired</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Dividend</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-275,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-275,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-275,000</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-14,035</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-236,247</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-579</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-236,826</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-579</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-222,791</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-14,035</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-14,035</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-14,035</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>168,956</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>168,956</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>168,956</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Actuarial (losses) gains on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>134</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>134</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>134</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Available-for-sale assets, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>45,252</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>45,252</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>45,252</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.10</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(Loss) / gain on the percentage change in investments</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-43</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-43</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-43</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.05.02.11</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(Loss) gain on hedge accounting, net of taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-228,334</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-228,334</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-228,334</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.06</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Internal changes in shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>36</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Non-controlling interests in subsidiaries </FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>36</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>846,908</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-222,212</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>11,105</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5,175,831</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>37,964</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>5,213,795</FONT></P></TD></TR></TABLE></DIV>

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

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="90%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Financial Statements / Statement of Value Added</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Description</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Year to Date</FONT></B></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Previous Year&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1/1/2016 to 6/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>01/01/2015 to 6/30/2015</FONT></B></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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Revenues</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9,298,317</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9,068,252</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Sales of products and services</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9,322,360</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9,025,572</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Other revenues</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-14,552</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>62,929</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Allowance for (reversal of) doubtful debts</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-9,491</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-20,249</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Raw materials acquired from third parties</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-6,694,416</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-6,401,935</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Cost of sales and services</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-5,434,217</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-5,019,457</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Materials, electric power, outside services and other</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-1,259,658</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-1,278,681</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Impairment/recovery of assets</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-541</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-5,946</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-97,851</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>0</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-97,851</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Gross value added</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,603,901</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,666,317</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Retentions</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-637,392</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-561,655</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Depreciation, amortization and depletion</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-637,392</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-561,655</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Wealth created</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,966,509</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,104,662</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Value added received as transfer</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-748,600</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>5,022,318</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Equity in income of affiliates</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>63,407</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>354,656</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Finance income</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>383,883</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>99,613</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-1,195,890</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>4,568,049</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.06.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Other and exchange gains</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-1,195,890</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>4,568,049</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Wealth for distribution</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,217,909</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7,126,980</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Wealth distributed</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,217,909</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7,126,980</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Personnel</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,024,077</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>958,691</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Salaries and wages</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>818,711</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>752,281</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Benefits</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>155,793</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>163,045</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Severance pay fund (FGTS) </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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>49,573</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>43,365</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Taxes, fees and contributions</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>633,323</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>81,827</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Federal</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>522,161</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-64,711</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>State</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>101,022</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>136,130</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Municipal</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>10,140</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>10,408</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Remuneration on third-party capital</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>291,083</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>6,309,253</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Interest</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,647,644</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,314,562</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Leases</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>10,041</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7,373</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Other</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-1,366,602</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>4,987,318</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.03.03.01</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Other and exchange losses</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-1,366,602</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>4,987,318</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Remuneration on Shareholders capital</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>&nbsp;-730,574</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-222,791</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Retained earnings (accumulated losses)</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>&nbsp;-754,338</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-222,212</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="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7.08.04.04</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Non-controlling interests in retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>23,764</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: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>-579</FONT></P></TD></TR></TABLE></DIV>

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

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Consolidated Statement</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Restatements of Results for the Second Quarter of 2016</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the second quarter of 2016 (2Q16), which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. All comments presented herein refer to the Company&#8217;s 2Q16 consolidated results and comparisons refer to the first quarter of 2016 (1Q16) and the second quarter of 2015 (2Q15), unless otherwise stated. The Real/U.S. Dollar exchange rate was R$3.2092 on June 30, 2016 and R$3.5583 on March 31, 2016.</FONT></P>

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

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<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Highlights</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Steel Sales (thousand t)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,261</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,246</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,253</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1%</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; - Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">60%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">52%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">53%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(7%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; - Overseas Subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">36%</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">42%</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">40%</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3%)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; - Exports</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: Arial" face=calibri,sans-serif>Iron Ore Sales (thousand t)<SUP>1</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,987</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,295</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,267</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12%</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">55%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.35pt">

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; - Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1%</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13%</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7%</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(5%)</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.05pt">

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; - Exports</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">99%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">87%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">93%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated Results (R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net Revenue </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,687</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,008</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,185</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">COGS</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,847)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,082)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,263)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">15%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross Profit</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">840</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">926</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">922</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">SG&amp;A Expenses</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(421)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(611)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(498)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(18%)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: Arial" face=calibri,sans-serif>Adjusted EBITDA<SUP>2</SUP></FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">801</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">733</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">855</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7%</FONT></P></TD></TR>

<TR style="HEIGHT: 4.65pt">

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

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

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial" face=calibri,sans-serif>Adjusted Net Debt<SUP>3</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">20,769</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,654</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,873</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3%)</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.25pt">

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjusted Cash Position</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11,102</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,472</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,678</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(12%)</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(49%)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net Debt / Adjusted EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5.6x</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8.7x</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8.3x</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(0.4x)</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2.7x&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif> Iron ore sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the stake in Congonhas Min&#233;rios as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#178; Adjusted EBITDA is calculated based on net income/loss, before depreciation and amortization, income taxes, the net financial result, results from investees, and other operating income (expenses) and includes the proportional share of the EBITDA of the jointly-owned investees MRS Log&#237;stica and CBSI, as well as the Company&#8217;s 60% interest in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#179; Adjusted Net Debt and Adjusted Cash and Cash Equivalents included 33.27% of the stake in MRS, 60% of the interest in Namisa and 50% of the stake in CBSI until November 2015. As of December 2015, they included 100% of Congonhas Min&#233;rios, 32.27% of MRS and 50% of CBSI, excluding Forfaiting and drawee risk operations.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Closing Market Indicators on</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=calibri,sans-serif> June 30, 2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>BM&amp;FBovespa (CSNA3): R$7.82/share</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>Market Cap: R$10.850 billion (US$4.429 billion)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>NYSE (SID): US$2.45/ADR (1 ADR = 1 share)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>Total no. of shares</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>= 1,387,524,047</FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>CSN&#8217;s Consolidated Results</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$4,185 million in 2Q16, 4% up on 1Q16 and 14% more than in the same period last year. In relation to the previous quarter, the upturn was primarily due to increased sales volume in the mining segment and higher steel prices. Concerning 2Q15, the improvement was also due to the increase in mining sales volume. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$3,263 million, 6% up on the previous three months and 15% more than in 2Q15, chiefly due to higher iron ore output and increased costs as a result of the blast furnace #3 stoppage. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>gross profit </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>came to R$922 million, in line with 1Q16, with a gross margin of 22%, 1p.p. down on the first quarter. In relation to 2Q15, gross profit climbed by 10% and the gross margin narrowed by 1p.p., from 23% to 21%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Selling, general and administrative expenses</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif> totaled </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>R$498 million, 18% less than in 1Q16, but 18% higher year-on-year. These variations were largely due to distribution costs, which were 11% lower than in 1Q16, but 32% more than in the same quarter last year. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Other operating income (expenses)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>was a net expense of R$171 million in 2Q16, 35% up on the quarter before, due to the payment of provisioned taxes, and 23% down on 2Q15.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Working capital </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>came to R$2,867 million, R$525 million less than in 1Q16, while the financial cycle closed the second quarter at 82 days, 13 days less than in the previous quarter.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted net debt</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> fell by 3% over 2Q16, totaling R$25,873 million, while leverage ended the quarter at 8.3x, versus 8.7x in the previous three months.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>The proportional net financial result </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>was negative by R$220 million in 2Q16, due to: i) financial expenses (excluding the exchange variation) of R$848 million; ii) the positive exchange variation result of R$478 million. The result was partially offset by the financial revenue of R$150 million. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Financial Result (R$ million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Financial Result - IFRS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(772)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (897)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(+) Financial Result of Joint-Venture</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(114)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 32pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(+) Namisa </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp;&nbsp; (92)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&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: 0in 0in 0pt; TEXT-INDENT: 32pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(+) MRS </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp;&nbsp; (22)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(=) Proporcional Financial Result</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(886)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (922)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (220)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 32.15pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Financial Revenues</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp; 58 </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 32.15pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Financial Expenses</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;(944)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,173)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (370)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 40.15pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Financial Expenses (ex-exchange rates variation)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(830)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (844)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (848)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 48.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Result with Exchange Rate Variation</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;(114)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (329)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 56pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Monetary and Exchange Rate Variation</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp; 82 </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 </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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,220 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 56pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Hedge Accounting</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp; (82)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (566)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (595)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 56pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Notional Amount of Derivatives Contracted</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;(114)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (713)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><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=calibri,sans-serif>CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>equity result</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif> was a positive R$18 million in 2Q16, versus a positive R$45 million in 1Q16 and a negative R$44 million in 2Q15, chiefly due to MRS&#8217;s equity result, which fell from R$61 million, in 1Q16, to R$32 million, as shown below:</FONT></P>

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<P style="TEXT-ALIGN: right">Page 19</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Share of profits (losses) of investees (R$ million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Namisa</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">MRS Log&#237;stica</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 </FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 </FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 </FONT></P></TD></TR>

<TR style="HEIGHT: 7.15pt">

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">CBSI</FONT></P></TD>

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD>

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">TLSA</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.15pt">

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Arvedi Metalfer BR</FONT></P></TD>

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)</FONT></P></TD>

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Eliminations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Share of profits (losses) of investees</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44)</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 </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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN recorded a second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net profit </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of R$46 million,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>versus net losses of R$777 million and R$615 million in 1Q16 and 2Q15, respectively. The improvement was primarily due to the recovery of the financial result, which was negative by R$197 million in 2Q16, versus R$897 million negative in 1Q16 and R$772 million negative in 2Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

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



<TR style="HEIGHT: 10.1pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Adjusted EBITDA (R$ million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BORDER-RIGHT: white 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.05pt">

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-RIGHT: white 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>Profit (loss) for the Period</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(615)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(777)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>46</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(97%)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(96%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp; Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>279</FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>310</FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>304</FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(2%)</FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>9%</FONT></P></TD></TR>

<TR style="HEIGHT: 3.95pt">

   <TD style="HEIGHT: 3.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp; Income Tax and Social Contribution</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(5)</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>114</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>28</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(25%)</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.1pt">

   <TD style="HEIGHT: 10.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp; Finance Income</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>772</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>897</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>197</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(78%)</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(74%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>EBITDA (ICVM 527)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>431</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>544</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>576</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>6%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>34%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="HEIGHT: 4.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="HEIGHT: 4.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp; Other Operating Income (Expenses)</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>223</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>127</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>171</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>35%</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(23%)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.9pt">

   <TD style="HEIGHT: 5.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp; Share of Profit (Loss) of Investees</FONT></P></TD>

   <TD style="HEIGHT: 5.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>44</FONT></P></TD>

   <TD style="HEIGHT: 5.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(45)</FONT></P></TD>

   <TD style="HEIGHT: 5.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(18)</FONT></P></TD>

   <TD style="HEIGHT: 5.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(59%)</FONT></P></TD>

   <TD style="HEIGHT: 5.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>-</FONT></P></TD></TR>

<TR style="HEIGHT: 3.95pt">

   <TD style="HEIGHT: 3.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>&nbsp;&nbsp; Proportionate EBITDA of Joint Ventures</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>104</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>107</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>126</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>18%</FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>22%</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.9pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial" color=#000000 face=calibri,sans-serif>Adjusted EBITDA<SUP>1</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>801</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>733</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>855</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>17%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>7%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif>&#185; The Company discloses adjusted EBITDA excluding interests in investments and other operating revenue (expenses) in the belief that these items should not be considered when calculating recurring operating cash flow.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$855 million in 2Q16, 17% up on the quarter before and 7% more than in 2Q15, accompanied by an adjusted EBITDA margin of 19.4%, 2.1p.p. higher than in 1Q16, but 1.1p.p. down on 2Q15. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Debt</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The adjusted amounts of EBITDA, Debt and Cash included the stakes of 60% in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015, as well as financial investments used as collateral for exchange operations on the BM&amp;FBovespa. On June 30, 2016, consolidated net debt totaled R$25,873 million, while the net debt/EBITDA ratio stood at 8.28x, based on LTM adjusted EBITDA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>In 2Q16, CSN began reviewing its FX hedge strategy, which led the company to completely unwind it FX derivatives position. As a result, the FX exposure of our consolidated balance sheet on June 30, 2016 was US$1,791 million, as shown in the table below. It is important to mention that the net FX exposure includes a liability totaling US$1.0 billion in the Loans and Financing line related to the Perpetual Bonds, which, due to its nature, will not require disbursements for the settlement of the principal amount in the foreseeable future. The company&#8217;s hedge strategy began to focus on preserving its cash flow, replacing the exposure generated by the settlement of the derivatives for new Hedge Accounting designations, capturing the existing natural relations, as well as possibly using other financial instruments to protect CSN's future cash flow.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>The hedge accounting adopted by CSN correlates the projected export inflows in dollars with part of the scheduled debt payments in the same currency. Therefore, the exchange variation of the dollar-denominated debt is temporarily booked in shareholders&#8217; equity, flowing through P&amp;L when revenues in USD from exports occur.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Foreign Exchange Exposure</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>IFRS</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>(US$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>03/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>06/30/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Cash and cash equivalents overseas</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,288</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>802</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Accounts Receivables</FONT></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Others</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>315</FONT></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>7</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>307</FONT></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>10</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Total Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,610</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,119</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Borrowings and Financing</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(4,466)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(4,437)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Accounts Payable</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(7)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Other Liabilities</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(6)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(7)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Total Liabilities</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(4,479)</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(4,450)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Foreign Exchange Exposure</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(2,870)</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(3,332)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 9.4pt">

   <TD style="HEIGHT: 9.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Notional Amount of Derivatives Contracted, Net</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,435</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>-</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Cash Flow Hedge Accounting</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,549</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,541</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Net Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>114</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1,791)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Perpetual Bonds</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,000</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,000</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Net Foreign Exchange Exposure ex. Perpetual Bonds</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,114</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(791)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Capex</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>CSN invested R$473 million in 2Q16, led by:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Investments in the new clinker kiln in Arcos-MG, which will start its operation in the 2H16, allowing the cement segment to generate competitive margins and scale gains in the Southeast region due to self-sufficiency in clinker production;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Projects designed to improve the operational and environmental performance of the Presidente Vargas Plant. </FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Investment (R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Steel</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">162</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">119</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">136</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Mining</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">296</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">62</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">61</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Cement</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">92</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">139</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">261</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Logistics</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Others</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;Total Investment IFRS </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 22</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Working Capital </FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>As a result, working capital applied to the Company&#8217;s business totaled R$2,867 million in 2Q16, R$525 million less than in 1Q16, chiefly due to the R$481 million reduction in inventories. On a same comparison basis, the average receivable period fell by 5 days, while payment periods and inventory turnover fell by 9 and 23 days, respectively.</FONT></P>

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

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<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Working Capital (R$ million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.25pt">

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,698</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,664</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,948</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(716)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(750)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.15pt">

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,936</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,746</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,622</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(123)</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(314)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.2pt">

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Inventories Turnover</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">3,583</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">3,621</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">3,140</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(481)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(443)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Advances to Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">178</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">298</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">186</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(112)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">8</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,445</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,272</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,081</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(191)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(364)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,807</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,542</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,347</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(195)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(460)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Salaries and Social Contribution</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">322</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">245</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">262</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">17</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(60)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.6pt">

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Taxes Payable</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">286</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">418</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">422</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">4</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">136</FONT></P></TD></TR>

<TR style="HEIGHT: 6.45pt">

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Advances from Clients</FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">30</FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">67</FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">50</FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(17)</FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">20</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Working Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,253</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,392</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,867</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(525)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(386)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Turnover Ratio (days)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: 115%"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: 115%" color=#000000></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Receivables</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>38</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>36</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>31</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(5)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(7)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Supplier Payment</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>54</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>48</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>39</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(9)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(15)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Investory Turnover</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>110</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>107</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>90</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(17)</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>(20)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash Conversion Cycle</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>94</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>95</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>82</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(13)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(12)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Results by Segment </FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The Company maintains integrated operations in five business segments: steel, mining, logistics, cement and energy, The main assets and/or companies comprising each segment are presented below: </FONT></P>

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<P style="TEXT-ALIGN: right">Page 23</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></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: 10pt" face=calibri,sans-serif>&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Notes: For the purpose of preparing and presenting the information by business segment, Management opted to maintain the proportional consolidation of its jointly-owned subsidiaries, as historically presented, For the reconciliation of CSN&#8217;s consolidated results, these companies&#8217; results are eliminated in the "corporate/elimination expenses" column.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&nbsp;In order to report the Company&#8217;s 2015 results, after the combination of CSN&#8217;s mining assets (Casa de Pedra, Namisa and Tecar), the consolidated result includes all this new company&#8217;s information.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Results </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 </FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Steel</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Mining</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Logistics (Port)</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Logistics (Railways</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>)</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Cement</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Energy</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Corporate/&nbsp; Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.05pt">

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;(R$ m</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><B><FONT color=#ffffff>illion</FONT></B></FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>) </FONT></B></P></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 14.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Net Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">2,878</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,016</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">45</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">337</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">109</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">66</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(266)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">4,185</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.1pt">

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,607</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">77</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">45</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">337</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">109</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">66</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(451)</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,790</FONT></P></TD></TR>

<TR style="HEIGHT: 7.25pt">

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Foreign Market</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">1,271</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">939</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">185</FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">2,395</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Cost of Goods Sold</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(2,459)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(743)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(34)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(227)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(102)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(48)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">350</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(3,263)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">419</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">273</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">11</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">111</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">7</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">18</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">84</FONT></B></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">922</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.85pt">

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Selling, General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(214)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(13)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(3)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(27)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(17)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(6)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(219)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(498)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">164</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">105</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">3</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">56</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">17</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">4</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(47)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">304</FONT></P></TD></TR>

<TR style="HEIGHT: 6.65pt">

   <TD style="HEIGHT: 6.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Proportional EBITDA of Jointly Controlled Companies</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">-</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">126</FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">126</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">369</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">365</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">11</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">141</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">7</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(55)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">855</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 6.6pt">

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Results 1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;Steel </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;Mining </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;Logistics (Port) </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;Logistics (Railways) </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Cement </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Energy </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;Corporate/&nbsp; Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.35pt">

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;(R$ million) </FONT></B></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#ffffff></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,809</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">941</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">50</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">303</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">114</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">68</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(279)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,008</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,500</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">151</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">50</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">303</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">114</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">68</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(475)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,712</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign Market</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,309</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">790</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">197</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,296</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost of Goods Sold</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,300)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(749)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(36)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(214)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(101)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(51)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">370</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,082)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">509</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">192</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">89</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">91</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">926</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Selling, General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(255)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(24)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(8)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(24)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(18)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(276)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(611)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">166</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">114</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">56</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(47)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">310</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Proportional EBITDA of Jointly Controlled Companies</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">107</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">107</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">420</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">283</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">121</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Steel</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to preliminary figures from the World Steel Association (WSA), global crude steel production totaled</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="trebuchet ms,sans-serif"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>795 million tonnes in the first half, 2% down on the same period last year</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Brazilian Steel Institute &#8211; IABr (also preliminary figures), domestic production came to 7.4 million tonnes in 2Q16, in line with the previous three months, giving a first-half total of 14.9 million tonnes, 13% down year-on-year, Domestic production of rolled products stood at 5.1 million tonnes in the second quarter, also in line with </FONT>

<FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q16, and 10.2 million tonnes in the first six months, 14.7% less than in 1H15, Apparent consumption through June totaled 9.0 million tonnes, 23.7% less than in 1H15, with domestic sales of 8.2 million tonnes, down by 15.5%, In the same period, imports dropped by 64.2% to 741,300 tonnes, while exports climbed by 16.6% to 6.7 million tonnes.</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to INDA (the Brazilian Steel Distributors&#8217; Association), 2Q16 steel purchases and sales by distributors fell by 11.3% and 7.7% over 2Q15 to 1,503,000 and 1,559,000 tonnes, respectively, Inventories closed the quarter at 866,000 tonnes, 1.4% down on the previous month, representing 3.3 months of sales.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Automotive</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to ANFAVEA (the Auto Manufacturers&#8217; Association), vehicle production totaled 1 million units in the first half, 21% down on 1H15, In the same period, new car, light commercial vehicle, truck and bus licensing fell by 25% to 983,000 units, The association estimates a reduction in vehicle sales of up to 19% in 2016 over 2015, to 2.1 million units, while FENABRAVE (the Vehicle Distributors&#8217; Association) expects a 15% reduction in vehicle sales.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Construction </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to SECOVI-SP (the S&#227;o Paulo Residential Builders&#8217; Association), residential real estate launches in the city of S&#227;o Paulo totaled 5,731 units in the 1H16, 42.8% down on the 10,027 units launched in the same period last year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to ABRAMAT (the Construction Material Manufacturers&#8217; Association), first-half sales of building materials fell by 14.3% over 1H15, The association also revised its 2016 estimate a decline of 8%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Home Appliances</FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Brazilian Institute of Geography and Statistics (IBGE), home appliance production in the first five months fell by 11% over the same period last year and by 17% in the last 12 months, respectively, reflecting the low level of business and consumer confidence.</FONT>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#808080 face=calibri,sans-serif>Results from CSN&#8217;s Steel Operations</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total steel product sales volume</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 1,253,000 tonnes in 2Q16, 1% up on 1Q16, Of this total, 53% went to the domestic market, 40% were sold by our subsidiaries abroad and 7% went to exports. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>domestic steel sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled 669,000 tonnes, 3% up on 1Q16, 626,000 tonnes of which flat steel and 43,000 tonnes long steel.</FONT> </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>foreign sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> amounted to 584,000 tonnes, 2% down on 1Q16. Of this total, the overseas subsidiaries sold 499,000 tonnes, 178,000 of which by LLC, 219,000 by SWT and 103,000 by Lusosider, while direct exports came to 85,000 tonnes. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, CSN increased its </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>share of coated products</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> as a percentage of total sales volume, in line with its strategy of adding more value to the product mix. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total sales </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of coated products such as galvanized items and tin plate accounted for 57% of flat steel sales, versus 58% in the previous quarter. In the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>foreign market</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, the share of coated products moved up from 77% to 85% in the same period. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ff0000 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#ff0000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$2,878 million in 2Q16, 2% up on 1Q16, primarily due to the upturn in sales volume and higher prices in the domestic market. Average net revenue per tonnes stood at R$2,224.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ff0000 face=calibri,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>parent company&#8217;s slab</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> production totaled 500,000 tonnes in 2Q16, 40% and 55% down on 1Q16 and 2Q15, respectively, while flat rolled steel output came to 668,000 tonnes, 11% and 35% less than in 1Q16 and 2Q15, respectively. These results can be explained chiefly by the BF3 stoppage, which was inoperable by 22 days.&nbsp; </FONT>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>(Thousand tonnes)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total Slabs (UPV + Third Parties)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,188</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">835</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">510</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(39%)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(57%)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Crude Steel Production</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,119</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">835</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">500</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(40%)</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(55%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.75pt">

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Third Parties Slabs</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">69</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(85%)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total Rolled Products</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,032</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">746</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">668</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(11%)</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(35%)</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$2,459 million in 2Q16, 7% more than in the previous three months, as a result of the reduction in fixed production cost dilution. The parent company&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>production cost</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> reached R$1,085 million in 2Q16, 19% down on 1Q16, due to the reduction in period output, due to the maintenance of BF3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 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;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>Slab production costs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif> increased by 26%, from US$274/t, in 1Q16, to U$345/t.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$369 million in 2Q16, 12% down on the R$420 million recorded in the quarter before, accompanied by a 2p,p, reduction in the adjusted EBITDA margin from 15% to 13%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<IMG border=0 src="fp30a.jpg"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Mining </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, the seaborne iron ore market was influenced by the recovery in demand for steel in China. Policies to stimulate the economy ensured ample available credit, encouraging a recovery in the real estate market and construction activities; on the tax side, we noticed an increase in investments in infrastructure. In addition, low steel inventories throughout the production chain limited immediate delivery availability and positively pressured prices. In response to encouraged demand and fueled by the higher margins, steelmakers increased output by 9%, the highest quarter-on-quarter increase in more than three years. As a result, iron ore demand grew and the commodity&#8217;s price averaged US$55.66/dmt (Platts, Fe62%, N. China) in 2Q16, 15% up on 1Q16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Maritime freight costs on Route CI-C3 (Tubar&#227;o-Qingdao) averaged US$8.43/t in 2Q16, 48% up on 1Q16. The route was positively impacted by a seasonal increase in transported volume by of capesize vessel and higher fuel prices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Mining Operations</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore production </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled 8,5 million tonnes, 17% and 26% up on 1Q16 and 2Q15, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore purchases</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 1,4 million tonnes, 123% up on the previous quarter and 39% more than in 2Q15, as the Company took advantage of market opportunities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Iron ore sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 9,3 million tonnes in 2Q16, 12% and 26% up on 1Q16 and 2Q15, respectively, thanks to sales volume to third parties. Around 695,000 tonnes from Congonhas Min&#233;rios were sold to CSN&#8217;s the Presidente Vargas Plant. </FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Production Volume and Mining Sales</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Varia&#231;&#227;o</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>(thousand t)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#ffffff></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Iron Ore Production&#185;</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>6,767</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>7,326</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>8,537</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>17%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>26%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Third Parties Purchase</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>993</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>617</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,376</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>123%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>39%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Total Production + Purchase</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>7,760</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>7,943</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>9,913</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>25%</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>28%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 5.35pt">

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>UPV Sale</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,380</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1,047</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>695</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(34%)</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(50%)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;Third Parties Sales Volume</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>5,987</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>7,248</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>8,572</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>18%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>43%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Total Sales</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>7,367</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>8,295</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>9,267</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12%</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>26%</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#185; Production and sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the interest in Congonhas in December 2015.</FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>from mining operations totaled R$1,0 billion in 2Q16, 8% up on 1Q16 and 49% more than in 2Q15 1Q15. The upturns in both periods were due to higher total iron ore sales volume, which came to 9,3 million tonnes this quarter.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Mining segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$743 million, in line to 1Q16 and 39% up on 2Q15, due to the higher volume of iron ore sold and higher purchases from third parties. In 2Q16, Congonhas Min&#233;rios recorded a Chinese delivery cost excluding depreciation of US$28.2/wmt, 10% down on the previous quarter, mainly due to a reduction in the mine&#8217;s production costs and in seaborne freight charges. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$365 million in 2Q16, 29% and 61% up on 1Q16 and 2Q15, respectively, with an adjusted EBITDA margin of 36%, 10 p.p. higher than 1T16, chiefly due to the increase in FOB export prices and reductions in production cost and seaborne freight. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Logistics</FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Logistics Operations</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Railway Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$337 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$141 million and an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 42%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Port Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: In the second quarter, Sepetiba Tecon handled 32,000 containers, in addition to 197,000 tonnes of steel products and 1,000 tonnes of general cargo. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled R$45 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$11 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 24%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Sepetiba TECON Highlights</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>Containers Volume (thousand units)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>30</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>39</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>32</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(19%)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">4%</FONT></P></TD></TR>

<TR style="HEIGHT: 4.25pt">

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>Steel Products Volume (thousand t)</FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>221</FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>143</FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>197</FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">38%</FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(11%)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>General Cargo Volume (thousand t)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>44</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>13</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>1</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(95%)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%">(99%)</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Cement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><STRONG><FONT color=#002060 size=2 face=Calibri></FONT></STRONG>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the IBGE&#8217;s Monthly Industrial Survey (PIM-PF), Brazil&#8217;s cement production fell by 14.2% year-on-year in 2Q16, in line with the performance of the construction industry. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Preliminary figures from SNIC (the Cement Industry Association) indicate domestic cement sales of 28 million tonnes in the first half of 2016, 14% less than in the same period the year before. For 2016 as a whole, SNIC estimates respective annual declines of 12% to 15% in sales and 9% to 11% in apparent consumption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Results of CSN&#8217;s Cement Operations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>cement sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> amounted to 594,000 tonnes, 4% up on 1Q16, while </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$109 million. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$7 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of 6%.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Cement Highlights</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>&nbsp;(thousand t)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>Total Production</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>577</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>531</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>606</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>14%</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>5%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>Total Sales</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>579</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>571</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>594</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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>4%</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: 115%" color=#000000>3%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Energy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Energy Research Company (EPE), Brazilian electricity consumption totaled 231 TWh in 1H16, 1.7% less than in the first six months of 2016. Consumption in the industrial and commercial segments fell by 5.3% and 1.5%, respectively, while residential consumption climbed by 1.2%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Energy Operations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> from energy operations totaled R$66 million, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$16 million and the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 25%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif>Capital Market </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>CSN&#8217;s shares appreciated by 9% in 2Q16, while the Ibovespa increased by 1% in the same period. Daily traded volume on the BM&amp;FBovespa averaged R$88.9 million. On the New York Stock Exchange (NYSE), CSN&#8217;s American Depositary Receipts (ADRs) moved up by 24%, versus the Dow Jones&#8217; 1% appreciation. On the NYSE, daily traded volume of CSN&#8217;s ADRs averaged US$7.1 million.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Number of shares in thousand</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,387,524</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Market Capitalization</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Closing price (R$/share)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7.82 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Closing price (US$/ADR)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2.45 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Market Capitalization (R$ million)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,850 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Market Capitalization (US$ million)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,399 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total return including dividends and interest on equity</FONT></B></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 14.45pt">

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">CSNA3 </FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">SID </FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Ibovespa</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.45pt">

   <TD style="HEIGHT: 14.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dow Jones</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: 9pt; FONT-FAMILY: arial">1%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Volume</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.45pt">

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Average daily (thousand shares)</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: 9pt; FONT-FAMILY: arial">9,602</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Average daily (R$ Thousand)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">88,913</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Average daily (thousand ADRs)</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: 9pt; FONT-FAMILY: arial">2,635</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Average daily (US$ Thousand)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,111</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Source: Bloomberg</FONT></I></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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   <TD width="100%" colSpan=6 align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#333399>SALES VOLUME CONSOLIDATED (thousand tonnes)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="20%" colSpan=2 align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Flat Steel</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">717</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">611</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">626</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(91</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Slabs</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Hot Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">267</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">220</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">225</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(42)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cold Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">151</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">108</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">117</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(34)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Galvanized</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">205</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">197</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">203</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tin Plates</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">94</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">85</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">81</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(4)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(13)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel UPV</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">42</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">38</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">DOMESTIC MARKET</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">758</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">649</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">669</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">20</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(90)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Flat Steel</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">299</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">381</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">365</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">67</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Hot Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">59</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">59</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">29</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(30)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(29)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cold Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">44</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">27</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(2)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(18)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Galvanized</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">165</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">265</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">259</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">94</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tin Plates</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">31</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">30</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">52</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">22</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">21</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel (profiles)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">204</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">216</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">219</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">FOREIGN MARKET</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">503</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">597</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">584</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(13)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">81</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Flat Steel</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,015</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">992</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">991</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(24</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Slabs</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Hot Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">326</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">280</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">254</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(26)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(72)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cold Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">195</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">135</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">143</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(52)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Galvanized</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">370</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">462</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">462</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">93</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tin Plates</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">125</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">115</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">133</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel UPV</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">42</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">38</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel (profiles)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">204</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">216</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">219</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">TOTAL MARKET</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,261</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,246</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,253</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(9)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#333399>SALES VOLUME PARENT COMPANY (thousand tonnes)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="20%" colSpan=2 align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>Change</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Flat Steel</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">812</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">709</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">696</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(13</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(116</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Slabs</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Hot Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">303</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">244</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">239</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(5)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(64)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cold Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">175</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">124</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">129</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(47)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Galvanized</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">237</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">253</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">247</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tin Plates</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">96</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">89</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">81</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(8)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(15)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel UPV</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">41</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">38</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">DOMESTIC MARKET</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">853</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">747</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">738</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(9)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(115)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Flat Steel</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">250</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">186</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">252</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">66</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Hot Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">143</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">53</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(50)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(139)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cold Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">21</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">125</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">125</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">103</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Galvanized</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">55</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">103</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">55</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(48)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tin Plates</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">31</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">30</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(30)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(31)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel (profiles)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">FOREIGN MARKET</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">250</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">186</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">252</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">66</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 1Q16</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#ffffff>2Q16 x 2Q15</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Flat Steel</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,062</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">895</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">948</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">53</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(114</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><B><FONT>)</FONT></B>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Slabs</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Hot Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">446</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">297</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">308</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(138)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cold Rolled</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">197</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">124</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">132</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(65)</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Galvanized</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">291</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">356</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">371</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">15</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">80</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.879pt" width="50%" align=left><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tin Plates</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">127</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">119</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">136</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel UPV</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">41</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">38</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Long Steel (profiles)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">-</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">TOTAL MARKET</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,103</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">933</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">990</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">57</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(113)</FONT></B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 31</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional &#8220;CSN&#8221;, also referred to as the Company or Parent Company, is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries, joint ventures, joint operations and associates are collectively referred to herein as the "Group&#8221;). The Company&#8217;s registered office is located in S&#227;o Paulo, SP, Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>CSN is listed on the S&#227;o Paulo Stock Exchange (BM&amp;F BOVESPA) and on the New York Stock Exchange (NYSE). Accordingly, the Company reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>From November 30, 2015 the Company has transferred its mining assets, together with its logistical infrastructure, which includes the mine Casa de Pedra and the right to operate the terminal TECAR, to its subsidiary CSN Minera&#231;&#227;o S.A (&#8220;CSN Minera&#231;&#227;o&#8221;) (former Congonhas Min&#233;rios S.A). On the same date, started to control Nacional Min&#233;rios S.A. (NAMISA) through a business combination transaction.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 these raw materials being sold to subsidiaries and third parties. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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), it is installed a new business unit: CSN Cimentos, which produces CP-III type of cement by using slag produced by the UPV blast furnaces in Volta Redonda. It also explores limestone and dolomite at the Arcos unit, located in the State of Minas Gerais, to satisfy the needs of UPV as of the cement plant. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 manages the former Southeast Railway System of Rede Ferrovi&#225;ria Federal S.A (&#8220;RFFSA&#8221;)., Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;) and FTL - Ferrovia Transnordestina Log&#237;stica S.A. (&#8220;FTL&#8221;), which operate the former Northeast Railway System of RFFSA, in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas, with TLSA being responsible for the rail links of Miss&#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro-Porto de Suape and Miss&#227;o Velha-Porto de Pec&#233;m (Railway System II) and FTL being responsible for the rail links of S&#227;o Luiz-Mucuripe, Arrojado-Recife, Itabaiana-Cabedelo, Paula Cavalcante-Macau and Propri&#225;-Jorge Lins (Railway System I).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&#8220;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>note 24 - 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><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>Going Concern</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The interim financial statements have been prepared based on the normal continuity of its business. Negotiations in progress to postpone part of the debts do not compromise the Company&#8217;s operating continuity (going concern), and the Management </FONT><FONT lang=EN style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=#222222 face=Arial,sans-serif>does not have any other relevant operational restructuring plan that implies a change to the conclusion of the operational continuity (going concern). Further disclosures on the bases for evaluating the operational continuity (going concern) were made in the disclosures of this subject included in the financial statements of December 31, 2016, approved by Management on the same date</FONT><FONT lang=EN style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=#222222 face=Arial,sans-serif>.</FONT><FONT lang=EN style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The consolidated condensed quarterly interim financial statements have been prepared and are being presented in accordance with the International Accounting Standards (IAS 34 &#8211; Interim Financial Reporting) issued by the International Accounting Standards Board (IASB), which correlate in Brazil is the CPC 21 (R1) (Interim Financial Statements and Consolidated Interim Financial Statements) issued by the CPC (Accounting Pronouncements Committee) and approved by CVM (Brazilian Securities Commission). All the relevant information required in the financial statements and only these information, are being highlighted and correspond to those used for the Company's management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The significant accounting policies applied in these condensed interim financial statements are consistent with the policies described in Note 2 to the Company's financial statements for the year ended December 31, 2015, filed with the CVM. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>These condensed interim financial statements do not include all requirements of annual or full financial statements and, accordingly, should be read together with the Company's financial statements for the year ended December 31, 2016, which restated the year ended December 31, 2015 as comparative information in the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Therefore, in these condensed interim financial statements the following notes were not fully repeated, either due to redundancy or to relevance in relation to those already presented in the annual financial statements:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Note 2 - Summary of significant accounting policies</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Note 3 &#8211; Business Combination</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Note 10 &#8211; Investments</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Note 18 - Provision for tax, social security, labor, civil, environmental risks and judicial deposits</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Note 28 - Employee benefits</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Note 30 &#8211; Commitments</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The consolidated and parent company interim financial statements for the period ended June 30, 2016, were restated on November 14, 2016 and are being restated, for the second time, as presented in note 2.e, under the approval by the Board of Directors on October 27, 2017.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.b) Basis of presentation</FONT></B></P>

<P style="MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>The consolidated condensed interim financial statements are presented in Brazilian reais (R$), which is the mainly Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 valuation on which items are remeasured. The asset and liability balances are translated at the exchange rate in effect at the end of the reporting period. As of June 30, 2016, US$1 is equivalent to R$3.2098 (R$3.9048 as of December 31, 2015), &#8364;1 is equivalent to R$3.5414 (R$4.2504 as of December 31, 2015), according to the rates obtained from Central Bank of Brazil website.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2.c) Basis of consolidation</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The accounting practices were treated uniformly in all the consolidated companies. The consolidated condensed interim financial statements for the period ended June 30, 2016 and the year ended December 31, 2015 include the following direct and indirect subsidiaries and jointly controlled entities, as well as the exclusive funds as described below:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" 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: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Direct interest in subsidiaries: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands VII Corp.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Minerals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests and Financial transactions </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests and Financial transactions </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests and Financial transactions </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

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<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

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<TR>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tin Mining </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Manufacture of containers and distribution of steel products</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Manufacture of containers and distribution of steel products</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda. (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Management of funds and securities portfolio</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Mining and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sale of electric power</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A. </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 89.79 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 89.79 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroad logistics</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Nordeste Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Port services</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Steel</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.94 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.94 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests and product sales</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Steel and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Acquisitions, Ltd. (2)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Resources S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Holdings (UK) Ltd (2)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Handel GmbH (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</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="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Brasileira de Latas </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sale of cans and containers in general and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.67 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.67 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Production and sale of cans and related activities</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="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas - MTM </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.67 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 99.67 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Steel Holdings 1, S.L.U. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</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="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Productos Sider&#250;rgicos S.L.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Stalhwerk Th&#252;ringen GmbH </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Production and sale of long steel and related activities</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="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Steel Sections UK Limited (*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sale of long steel</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Steel Sections Polska Sp.Z.o.o </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</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="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Asia Limited </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Commercial representation</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Namisa International Min&#233;rios SLU </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Namisa Europe, Unipessoal Lda.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests, product&nbsp; and iron ore sales</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Mining GmbH (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Namisa Asia Limited </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87.52 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Commercial representation</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Direct interest in joint operations: proportionate consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 48.75 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 48.75 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Electric power generation</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Mining support services and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 17.92 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 17.92 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Electric power consortium</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Direct interest in joint ventures: equity method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 18.64 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 18.64 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroad transportation</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Aceros Del Orinoco S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 31.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 31.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dormant company</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 50.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 50.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity interests and product sales and iron ore</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transnordestina Log&#237;stica S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 51.81 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 56.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroad logistics</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Indirect interest in joint ventures: equity method</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 16.30 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 16.30 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroad transportation</FONT></P></TD></TR>

<TR>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Direct interest in associates: equity method</FONT></B></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="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" 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" 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>

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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></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A. </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 20.00 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 20.00 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Metallurgy and Equity interests</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; 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: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) They are Dormant Companies therefore they do not appear in the note 8.a, where is disclosed business information under the equity method.</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: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(1) New corporate name of Minera&#231;&#227;o Nacional, amended in March 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(2) Company liquidated in January 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(3) Company incorporated by CSN Mining Gmbh (subsidiary with indirect interest) on January 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(4) New corporate name of Namisa Handel Gmbh, amended in February 2016;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 35</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -0.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; 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;&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 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 8.5pt">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity interests (%)</FONT></B></P></TD>

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<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive</FONT></B><B><FONT lang=EN-GB style="FONT-SIZE: 8pt" face=arial,sans-serif> funds</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><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: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" 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-GB style="FONT-SIZE: 8pt" face=arial,sans-serif>Direct interest</FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Diplic II&nbsp; - Private credit balanced mutual fund</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" 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: 8pt" face=arial,sans-serif>Caixa V&#233;rtice - Private credit balanced mutual fund</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;100.00 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" 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: 8pt" face=arial,sans-serif>VR1 - Private credit balanced mutual fund</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" 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: 8pt" face=arial,sans-serif>Diplic&nbsp; - 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 style="FONT-SIZE: 8pt" 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: 8pt" face=arial,sans-serif>BB Steel - 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 style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment fund</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(1) Multimarket investment fund fully redeemed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><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="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2.d) Restatement of accounting balances at June 2015</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Forfaiting</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Trough out the financial year 2015 the Company purchased raw materials from its suppliers located abroad through a foreign trade operation called Forfaiting, in which the financial institution makes the payment in cash to exporter by the net values of the securities (discount rate and other possible expenses already deducted), allowing the Company to finance imported goods by a yearly interest rate from 1.25% to 3.28%, maturing in 12 months. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=symbol>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Drawee risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>During the financial year 2015 the Company carried out transactions denominated drawee risk, the transaction occurs when the financial institution engaged by the Company anticipates to suppliers the debt securities, so then subsequently receives from the Company on the maturity date those anticipated values.</FONT></P>

<P style="MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company reclassified the balances of forfaiting transactions and drawee risk with commercial suppliers originally presented in cash flow on June 2015, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>a) Statements of cash flows at June 30, 2015</FONT></B></P>

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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>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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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>06/30/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2015</FONT></B></P></TD></TR>

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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>

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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>As Originally Reported </FONT></B></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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Statement of Cash flow Ajusted</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>As Originally Reported </FONT></B></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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Statement of Cash flow Ajusted</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" face=arial,sans-serif>Cash generated by operating activities</FONT></B></P></TD>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit (loss) for the year attributed to controlling shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(222,212)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (222,212)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (222,212)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (222,212)</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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 86,589 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>180,521 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>267,110 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 96,574 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>180,521 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>277,095 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,358,562)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,716)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,362,278)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,201,511)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3,716)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,205,227)</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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,495,448 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,495,448 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,481,277 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,481,277 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net cash generated by operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,001,263 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>176,805 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,178,068 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 154,128 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>176,805 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>330,933 </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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net cash generated by investing activies </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>185,918 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>185,918 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (51,015)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (51,015)</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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash generated by financing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>&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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Funding Forfaiting/ Drawee risk </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>386,143 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>386,143 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>386,143 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>386,143 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Payment Forfaiting / Drawee risk </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (562,948)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (562,948)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(562,948)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (562,948)</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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,022,975)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,022,975)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,007,594)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,007,594)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net cash used in financing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,022,975)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (176,805)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,199,780)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,007,594)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(176,805)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,184,399)</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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Exchange differences on cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(5,799)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (5,799)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></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="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Increase (decrease) in cash and cash equivalents</FONT></B></P></TD>

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<a name="_bclHeader38"></a><P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<a name="_bclHeader38"></a><DIV><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>b) Statement of income and statement of comprehensive income at June 30, 2015</FONT></B></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The Company has not restated the others statements of June 30, 2015 since the changes in those tables were not material.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2.e) Restatement of the Quarterly Financial Information for the six-month period ended June 30, 2016, previously restated on November 14, 2016.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>In addition to the detailed review of the business combination transaction explained in item (a) below, the Company&#8217;s management performed a thorough review of various components and transactions, including the studies that support the recognition and maintenance of the amounts of long-lived assets, such as investments in subsidiaries and associates, goodwill, property, plant and equipment and tax credits. As a result of this review, a long-lived asset whose realization depends on projections with observable assumptions was revalued and its expected realization was adjusted. Accordingly, the financial statements for the year ended December 31, 2015, originally dated March 28, 2016 and restated on November 14, 2016 due to adjustments in non-controlling interests, were restated for the second time as a result of the detailed review mentioned above, which resulted in material adjustments to the following items:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Business combination between CSN Minera&#231;&#227;o and NAMISA; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 115%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Expected realization of income tax and social contribution tax credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>We present below further details on the adjustments that led management to opt for the second restatement of the financial statements for the year ended December 31, 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Business Combination</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company is restating the balances of the financial statements for the year ended December 31, 2015, as a result of a detailed review of all aspects of the business combination occurred on November 30, 2015, by which the Company&#8217;s mining activities were restructured and concentrated on a primary entity, CSN Minera&#231;&#227;o S.A. This review occurred after the first restatement, on November 14, 2016, of those financial statements resulting from a change in the interpretation of the gains attributed to owners and to non-controlling, as disclosed in note 2.a.b, of those financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Within this context, the Company identified errors in certain assumptions used in the fair value determination of the entities involved in the transaction, Nacional Min&#233;rios S.A. (NAMISA) and CSN Minera&#231;&#227;o, as well as in the accounting for the clause of the Investment Agreement signed in December 2014 that approached the treatment to be given to NAMISA&#8217;s assets excluded from the transaction, Fernandinho, Cayman and Pedras Pretas (&#8220;excluded assets&#8221;). As per that clause, Fernandinho, Cayman and Pedras Pretas assets included in the fair value determination of NAMISA shall be transferred directly to any entity other than CSN Minera&#231;&#227;o. By mistake, those assets were included within the net assets of NAMISA contributed to CSN Minera&#231;&#227;o and, in a subsequent act, were transferred from CSN Minera&#231;&#227;o to another entity, Min&#233;rios Nacional S.A (current corporate name of Minera&#231;&#227;o Nacional S.A.). And finally, the review appointed to a change in the interpretation of the determination of the gain or loss in the pre-existing relationship between the acquirer and the acquiree entities as established in the accounting pronouncement CPC15/IFRS3.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company opted to restate the year ended December 31, 2015 as comparative information in the financial statements for the year ended December 31, 2016. Thus, the reasons that led the Company to restate the business combination performed in 2015 are described in detail in Note 2 (ab) to the financial statements for the year ended December 31, 2016, which are being approved on the same date.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><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;&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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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 exclusion of the sale of certain non-core assets from the studies of recovery of credits, reducing the future taxable base of projections, and the higher weight attributed to the observable evidence of tax losses existing in the last years, according to the interpretation given by accounting standard IAS 12 / CPC 32. 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 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>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>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif>The adjustments in items (a) and (b) that generated the restatement of the financial statements for the year ended December 31, 2015, which consequently impacted the six-month period ended June 30, 2016 are detailed in the table below:</FONT></P>

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<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><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>Balance Sheet</FONT></B></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>June 2016</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></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="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" 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>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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 style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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 style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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>06/31/2016</FONT></B></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="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" 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>06/30/2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" 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="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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%" 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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" 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>Restated</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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>As Originally Reported </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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>Reclassifications</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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>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" width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>ASSETS</FONT></U></B></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 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" 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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 11,925,609 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,925,609 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,745,548 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,745,548 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non- current </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="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 32,404,128 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,184,050)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>31,220,078 </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="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 33,654,059 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(876,415)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,777,644 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Long term receivables</FONT></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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,708,126 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,102,446)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,605,680 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,330,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,105,030)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,225,883 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments </FONT></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 style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,400,282 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,400,294 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 20,018,260 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,228,615 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>22,246,875 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property, Plant and Equipment</FONT></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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 17,953,537 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(45,373)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,908,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 9,245,398 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,245,398 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Intangible</FONT></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 style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 5,342,183 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,963,757 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,305,940 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>59,488 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 59,488 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>TOTAL ASSETS</FONT></B></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="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 44,329,737 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,184,050)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>43,145,687 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 41,399,607 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(876,415)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>40,523,192 </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="21%" 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="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liabilities </FONT></U></B></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="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current</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="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,511,055 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(329,947)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,181,108 </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="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,533,932 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,533,932 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non- current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" 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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 31,149,356 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>625,186 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>31,774,542 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30,286,578 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>663,581 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30,950,159 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholders' Equity</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="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,669,326 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,479,289)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,190,037 </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="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,579,097 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,539,996)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,039,101 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Commom stock</FONT></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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capital reserves</FONT></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 style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Earnings reservers</FONT></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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,464,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2,464,701)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,464,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2,464,701)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Comprehensive Income </FONT></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 style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,468,293 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,152,330 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,620,623 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,468,293 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,152,330 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,620,623 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit (Loss) for the period </FONT></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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(893,927)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(227,625)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,121,552)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(893,927)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(227,625)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,121,552)</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="21%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non- controling interest</FONT></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 style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,090,229 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>60,707 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,150,936 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total Liabilities + Shareholders'&nbsp; Equity </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 44,329,737 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,184,050)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>43,145,687 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 41,399,607 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(876,415)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>40,523,192 </FONT></B></P></TD></TR></TABLE></DIV>

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<P></P>

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<P style="TEXT-ALIGN: right">Page 38</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face="courier new">o</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif>December 2015</FONT></B></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif>&nbsp;&nbsp; </FONT></P>

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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>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></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>12/31/2015</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></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>12/31/2015</FONT></B></P></TD></TR>

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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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>As&nbsp; Originally Reported</FONT></B></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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></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="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restated</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>As&nbsp; Originally Reported</FONT></B></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></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="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>ASSETS</FONT></U></B></P></TD>

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   <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: 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>

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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: 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>

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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: 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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>16,430,691 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>16,430,691 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,842,440 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,842,440 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-Current </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,219,283 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,310,565)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30,908,718 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 36,763,086 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,035,157)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>35,727,929 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Long - term receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,890,948 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,228,961)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,661,987 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,510,431 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,228,961)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,281,470 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,998,227 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,998,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 23,323,565 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,193,804 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,517,369 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property,Plant and Equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,871,599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(45,373)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,826,226 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,866,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,866,348 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Intangible</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,458,509 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,963,757 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,422,266 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>62,742 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 62,742 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>TOTAL ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>48,649,974 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,310,565)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>47,339,409 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 45,605,526 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,035,157)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>44,570,369 </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="22%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>LIABILITIES </FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>&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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,325,571 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(243,372)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,082,199 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,272,372 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,272,372 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>34,588,740 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>577,182 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>35,165,922 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 33,668,407 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>666,081 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>34,334,488 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholders ' equity</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,735,663 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,644,375)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,091,288 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,664,747 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,701,238)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,963,509 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Commom stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capital reserves </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>30 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,464,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2,464,701)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,464,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2,464,701)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Comprehensive income</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 660,016 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,130,677 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,790,693 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>660,016 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,130,677 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,790,693 </FONT></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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated Losses </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(367,214)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (367,214)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(367,214)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (128,238)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non- controling Interest</FONT></P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,070,916 </FONT></P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>56,863 </FONT></P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,127,779 </FONT></P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #e8ebf8; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&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="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total Liabilities + Shareholders ' Equity</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>48,649,974 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,310,565)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>47,339,409 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 45,605,526 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,035,157)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>44,570,369 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif>Statement of income</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: 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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: 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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net Revenue</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,193,149 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,193,149 </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="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,169,314 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,169,314 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost of goods sold</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (6,344,665)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (6,344,665)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3,545,062)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,545,062)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Operating Income (expenses) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,343,279)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,343,279)</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="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,520,490)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,966 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,493,524)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Selling Expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(844,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(844,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (306,229)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(306,229)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(264,341)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(264,341)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (195,627)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(195,627)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity Results </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 63,407 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 63,407 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (833,736)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,967 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(806,769)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other Operating income (expenses),net</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(297,741)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(297,741)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (184,898)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(184,899)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income before financial results </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 505,205 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 505,205 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (896,238)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,966 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(869,272)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial results ,net </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,147,497)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 53,539 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,093,958)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 112,485 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 112,485 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income before income tax and social contribution</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(642,292)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 53,539 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(588,753)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (783,753)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,966 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(756,787)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(231,715)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 89,894 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(141,821)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (110,174)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 112,623 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,449 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net income&nbsp; for the year </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(874,007)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 143,433 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(730,574)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (893,927)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 139,589 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(754,338)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Atributable to:</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Participation of controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(893,927)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 139,589 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(754,338)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (893,927)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 139,589 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(754,338)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Participation of non - controlling interest</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>19,920 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,844 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 23,764 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(874,007)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 143,433 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(730,574)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (893,927)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 139,589 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(754,338)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=#212121 face=arial,sans-serif></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Consolas></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 39</P></FONT>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 9pt; 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><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Value Added </FONT></B>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD></TR>

<TR>

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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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,298,317 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,298,317 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,137,596 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,137,596 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inputs acquired from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(6,694,416)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(6,694,416)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,128,170)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,128,170)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gross added value</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,603,901 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,603,901 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,009,426 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,009,426 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Withholdings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (637,392)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (637,392)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (275,222)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (275,222)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net added value</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,966,509 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,966,509 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 734,204 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 734,204 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Added value received on transfer</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(748,600)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (748,600)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,065,919)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,967 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,038,952)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity in earnings of subsidiaries</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>63,407 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 63,407 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (833,736)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,967 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (806,769)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (812,007)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (812,007)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (232,183)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (232,183)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>VALUE ADDED TOTAL TO BE DISTRIBUTED</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,217,909 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,217,909 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (331,715)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,967 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (304,748)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Staff and Charges</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,024,077 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,024,077 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 562,304 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 562,304 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Taxes, fees and contributions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 723,217 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (89,894)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 633,323 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 340,260 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (112,622)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 227,638 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Remuneration of third-party capital</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>344,622 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (53,539)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 291,083 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (340,352)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (340,352)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Remuneration of shareholders' equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (874,007)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>143,433 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (730,574)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (893,927)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>139,589 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (754,338)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (Loss) profit for the year</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(893,927)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>139,589 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (754,338)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (893,927)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>139,589 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (754,338)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 19,920 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,844 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 23,764 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>DISTRIBUTION OF VALUE ADDED</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,217,909 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,217,909 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (331,715)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,967 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (304,748)</FONT></B></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="MARGIN: 0in 0in 10pt 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; 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><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Statement of Changes in Equity </FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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" vAlign=bottom width="2%">

   <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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</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="16%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Paid - in capital </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capital,reserve, granted options and treasury shares </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Earnings reserve </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <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' equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-controlling interests</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>As Originally Reported 06/30/2016</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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,464,701 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (893,927)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,468,293 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,579,097 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,090,229 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,669,326 </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="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Reclassifications </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2,464,701)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (227,625)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,152,330 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,539,996)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>60,707 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,479,289)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restated 06/30/2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,540,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,121,552)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,620,623 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 6,039,101 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,150,936 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="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="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,190,037 </FONT></B></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="MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; 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><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Statement of Cash Flows </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Company did not restate the balances of the December cash flow statement because the change had no material effect.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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>CASH AND CASH EQUIVALENTS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and banks</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 678,446 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 434,014 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 34,050 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 37,003 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Short-term investments</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">In Brazil:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Government securities </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">260,251 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 165,520 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">259,715 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 164,311 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Private securities </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,926,190 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 945,420 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,729,034 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 570,284 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,186,441 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,110,940 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,988,749 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 734,595 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Abroad:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Time deposits</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,274,154 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,316,098 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">464,669 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,113,601 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total short-term investments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,460,595 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,427,038 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,453,418 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,848,196 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,139,041 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,861,052 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,487,468 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,885,199 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 and parent company set up in Brazil are basically invested in investment funds, classified as exclusive and its financial statements were consolidated within CSN the financial statements, consolidated and parent company. The funds include repurchase agreements backed by private and public securities, with pre-fixed income, with immediate liquidity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 repurchase 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 DTVM S.A., BB </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Gest&#227;o de Recursos DVTM 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>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; 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="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>4.</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>SHORT-TERM INVESTMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/21/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Time Deposit (1)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;212,810 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Government securities (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;110,115 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;763,599 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;109,092 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;763,599 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;322,925 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;763,599 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;109,092 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;763,599 </FONT></B></P></TD></TR></TABLE></DIV>

<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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Financial investments that guarantee letters of credit issued by Banco do Brazil for the acquisition of the northeast and the south cement plants. The carrying amount of these investments on June 30, 2016 is R$212,810. </FONT></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 0.25in; TEXT-INDENT: -0.25in"><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;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>Investment in Treasury Financial Letters (LFT) managed by its exclusive funds that have been qualified as a margin deposits for future contracts traded at BM&amp;F Bovespa and detailed in note 12 (b) and LFT&#8217;s for investments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>5.</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: 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%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0pt 0pt 8.75pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.2pt">

   <TD style="HEIGHT: 6.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Third parties</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.55pt">

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">922,521 </FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">772,617 </FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">540,766 </FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">425,108 </FONT></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">784,429 </FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">818,562 </FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">143,782 </FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">250,588 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.55pt">

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,706,950 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,591,179 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">684,548 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.55pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">675,696 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.6pt">

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for doubtful debts</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (167,066)</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (151,733)</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (121,833)</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (112,502)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.95pt">

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,539,884 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,439,446 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">562,715 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">563,194 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Related parties (Note 17 b)</FONT></P></TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">82,602 </FONT></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">61,366 </FONT></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">933,505 </FONT></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,140,172 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.1pt">

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,622,486 </FONT></B></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,500,812 </FONT></B></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,496,220 </FONT></B></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,703,366 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.7pt">

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 4.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 5.2pt">

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 5.35pt">

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends receivable (Note 17 b) (*)</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,902 </FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">27,817 </FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">730,062 </FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.35pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">737,668 </FONT></P></TD></TR>

<TR style="HEIGHT: 6.3pt">

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Advances to employees</FONT></P></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">31,676 </FONT></P></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">40,190 </FONT></P></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">19,066 </FONT></P></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24,465 </FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,313 </FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,458 </FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 </FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.85pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,024 </FONT></P></TD></TR>

<TR style="HEIGHT: 7.6pt">

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,891 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77,465 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749,229 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764,157 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.05pt">

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 1,688,377 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 1,578,277 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 2,245,449 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.05pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -10.55pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 2,467,523 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; 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$694,080.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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$280,506 as of June 30, 2016 (R$232,275 as of December 31, 2015), less the trade receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,263,653 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp; 1,049,033 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406,039 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423,801 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Past-due up to 180 days</FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>268,173 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353,443 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163,173 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118,488 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Past-due over 180 days</FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp; 175,124 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188,703 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115,336 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133,407 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 1,706,950 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 1,591,179 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684,548 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675,696 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 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: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(151,733)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(127,223)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(112,502)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(93,536)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Estimated losses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(51,578)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(35,631)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(47,266)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(26,288)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Recovery of receivables </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">36,245</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11,121</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">37,935</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,504</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Incorporation of CSN Cimentos and Spin-off assets to Congonhas</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,818</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(167,066)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(151,733)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(121,833)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(112,502)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 41</P></FONT>

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<a name="_bclHeader43"></a><P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<a name="_bclHeader43"></a><P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<a name="_bclHeader43"></a><DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<a name="_bclHeader43"></a><P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclHeader43"></a><P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclHeader43"></a><DIV><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>6.</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></DIV>

<a name="_bclHeader43"></a><DIV><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</DIV>

<a name="_bclHeader43"></a><DIV></DIV>

<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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 4.3pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finished goods</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,073,932 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,912,868 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">704,856 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,078,554 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Work in progress</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">744,122 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,007,630 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">524,164 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">746,614 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Raw materials</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">850,563 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,062,557 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">525,637 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">563,119 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Spare Parts </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">947,575 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">962,078 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">506,825 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">489,816 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Iron ore </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">309,313 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">95,461 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,741 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,912 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Advances to suppliers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,626 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,147 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,231 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,191 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial"><FONT style="FONT-SIZE: 9pt" face=Arial>(-)</FONT>Provision for losses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99,083)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111,427)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,874)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,462)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,834,048 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,941,314 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,233,580 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,850,744 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (111,427)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (112,581)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,462)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88,056)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Reversal / (losses)&nbsp; for slow-moving and obsolescence(note22)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,344 </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,154 </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (412)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,835 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Drop down of assets to Congonhas</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">31,759 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Closing balance</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99,083)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; (111,427)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,874)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,462)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>7.</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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The group of other current and non-current assets are comprised as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 6.1pt">

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 20.3pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent&nbsp; Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.7pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Non-current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.7pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Non-current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Judicial deposits (note 15)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">346,495 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">328,542 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">273,027 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">263,046 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Credits with the PGFN (1)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">45,185 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">87,761 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">45,185 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">87,761 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Recoverable taxes (2)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">813,021 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">996,679 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">394,060 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">445,926 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">562,131 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">702,722 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">187,325 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">245,833 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">81,390 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">119,456 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">22,089 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">28,119 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">40,339 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">19,440 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,500 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Actuarial asset - related party (note 17 b)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">99,580 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">114,433 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">101,305 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">112,660 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Derivative financial instruments (note 12 I)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">118,592 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Exclusive funds (note 17b)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">110,075 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Securities held for trading (note 12 I)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,882 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,778 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,752 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,659 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Iron ore inventory (3)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">144,499 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">144,499 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Northeast Investment Fund &#8211; FINOR</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,888 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,888 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,452 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,452 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other receivables (note 12 I)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13,311 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,877 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,464 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,439 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans with related parties (note 17 b and12 l )</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">400,053 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">373,214 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">257,480 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">239,930 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other receivables from related parties (note 17 b)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,209 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,420 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">32,770 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">29,020 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>54,737 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>32,479 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">328,393 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">303,441 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24,716 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">31,524 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">23,642 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14,642 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">23,252 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14,408 </FONT></P></TD></TR>

<TR style="HEIGHT: 6.4pt">

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">941,218 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,286,449 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,532,572 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,583,921 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">669,959 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">875,375 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,225,883 </FONT></B></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.4pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,281,470 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 21.25pt"><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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(1) 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(2) Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(3) Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed, expected to start operating in the second half of 2017.</FONT>

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<P style="TEXT-ALIGN: right">Page 42</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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>INVESTMENTS</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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The information related to the description of activities of subsidiaries, jointly controlled entities, associates and other investments did not have changes in relation to that disclosed in the Company's financial statements as of December 31, 2015 and, accordingly, the Company decided not to repeat it in the condensed interim financial statements as of June 30, 2016.</FONT></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: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=PT-BR 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>Reduce of financial leverage</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: 115%" face=Arial,sans-serif></FONT></B>&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>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 CPC 31 (IFRS 5).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The sale of the subsidiary Metalic Nordeste, as mentioned in note 29 (subsequent events), is part of the Company's effort with the plan of assets disposal and demonstrates Management's commitment with this plan.</FONT></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: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=symbol>&#183;</FONT><FONT lang=PT-BR 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>Transnordestina</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: 115%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The joint venture Transnordestina is in pre-operational phase and will continue as such until the completion of railway number II (rail network II). Approved construction schedule stablished the completion of the construction by January 2017. The said schedule is currently under review and being discussed with the government authorities, however, the Company's management believes that any delay in completion of the project will not cause a substantial negative impact on the expected return on the investment. After analyzing this matter, Company&#180;s management has concluded for proper of use the accounting basis of operational continuity (going concern) in the preparation of the quarterly financial information. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>8.a) Direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; 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: 7pt; 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: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2015 (Restated)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2015</FONT></B></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companies </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=4 width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Number of shares held by CSN (In units)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=5 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>% Direct equity Interest </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="15%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Participation In</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=5 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>% Direct equity Interest </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Participation In</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liabilities </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholder's Equity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit (loss) for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liabilities </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholder's Equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit (loss) for the period</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Commom</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments under the equity</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Subsidiaries </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands VII Corp.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 20,001,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 6,310,398 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,345,212 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (34,814)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(74,813)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,877,792 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,837,793 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 39,999 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 343,307 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>948 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>945 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,384)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(68)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands X Corp.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(11,356)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,517,658 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,466,501 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>51,157 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>29,165 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,179,151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,157,160 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,387)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,540 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,262,421 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,214,171 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (951,750)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>143,336 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,815,700 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,910,786 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,095,086)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (161,566)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Minerals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,926,850 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,106 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,915,744 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (835,350)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,644,572 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 5,643,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 395,979 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Export Europe, S.L.U.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,500 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 713,717 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 93,522 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 620,195 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (201,146)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,397,512 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,373 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,388,139 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 167,182 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Metals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>16,504,020 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 625,744 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 24,672 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 601,072 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(189,903)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,220,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,620 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,213,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>144,682 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Americas S.L.U.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,500 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,627,041 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 163,935 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,463,106 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (234,309)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,139,488 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,729 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,136,759 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 95,142 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Steel S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>22,042,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,566,869 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,581,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>984,993 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>333,219 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,819,140 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,856,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 962,522 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(187,757)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>254,015,052 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 397,287 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 130,303 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>266,984 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,927 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 391,889 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>130,650 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>261,239 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,932 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Minera&#231;&#227;o Nacional&nbsp; S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>65,020,211 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 74,916 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>23,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 51,788 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(7,460)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>73,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>14,632 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 59,248 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>46 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fair value - Minera&#231;&#227;o</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,123,507 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,123,507 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>108,655,326 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,769 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,473 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 15,296 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(6,995)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,028 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 20,565 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 11,463 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2,140)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>92,459,582 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>163,360 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 33,087 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 130,273 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>198 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 172,283 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 42,207 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>130,076 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,737 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 313,651,399 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 758,767 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>578,528 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 180,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (32,694)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>734,570 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>521,637 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>212,933 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(58,478)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 20,012 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Minera&#231;&#227;o S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 158,419,480 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,464,670 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,652,471 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,812,199 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 163,145 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 13,592,254 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 5,943,254 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,649,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,255)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 43,149 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>72,774 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,684 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>59,090 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,879 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87,316 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,471 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 59,845 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,886 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>353,190,644 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>89.79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 522,854 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 192,006 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>330,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 904 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>89.79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 513,711 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>183,767 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 329,944 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,782)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Florestal do Brasil</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>35,454,849 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>34,878 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,600 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 31,278 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (964)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,242 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 32,242 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Nordeste Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99,999 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 55 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 45 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(55)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>35,074,021 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>19,545,333 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,652,195 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(892,300)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 42,726,370 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 23,666,527 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,183,350 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 761,109 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="19%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-venture and Joint-operation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 347,498 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 253,606,846 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 286,475 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 33,732 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>252,743 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,639 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>302,956 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,470 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 285,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,827 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,611,282 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,673,312 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 18.64 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,478,595 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 875,810 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>602,785 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>46,531 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 18.64 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,502,463 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 945,958 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 556,505 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>38,906 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,876,146 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12,893 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,914 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>979 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 15,593 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;15,091 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 502 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,263)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>42,636 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30,944 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,692 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,091 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>50,574 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 39,972 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>10,602 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,441 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 22,761,085 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,397,545 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>51.81 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,965,311 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,704,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,260,886 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(10,742)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>56.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,229,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,958,449 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,271,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (14,490)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="19%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fair Value</FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif> allocated to TLSA on loss of control</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>659,105 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>659,105 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,785,910 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,656,825 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,788,190 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>44,936 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,101,080 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,976,940 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,783,245 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 377,919 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Arvedi Metalfer do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 27,239,971 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>20.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>52,862 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 49,436 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,426 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(44)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>20.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>54,402 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 53,363 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,039 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,386)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 52,862 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>49,436 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,426 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (44)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>54,402 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>53,363 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,039 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,386)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="19%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Classified as available for sale (note 12 I)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>769,489 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 450,073 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>20,473 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,601 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>789,962 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 471,674 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other investments </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit on subisidiaries&nbsp; inventories </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (37,001)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>45,041 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (82,042)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(20,052)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>63,539 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,402)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>65,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>887 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,538 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>40,639 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (17,025)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(19,165)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total investments </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,260,311 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(806,769)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 24,422,283 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,117,477 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="26%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Classification of investments in the balance sheet</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments assets</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>22,246,875 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,517,369 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#ff0000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments whith negative equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(986,564)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,095,086)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,260,311 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 24,422,283 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#ff0000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(1) Company extinguished in 2015;<BR><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(2)&nbsp; Fair value of mining and fixed assets rights arising from the business combination;<BR><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(3) Company incorporated in 2015;<BR><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(4) The amounts presented reflect off-balance adjustments made at the company CSN Minera&#231;&#227;o.</FONT></FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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/(loss) for the period refer to the equity interests held by CSN in those companies.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>8.b) Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments</FONT></B></P>

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<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; &nbsp;Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Opening balance of investments</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,998,239 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13,665,453 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,517,369 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24,199,129 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Opening balance of loss provisions</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 11.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 11.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,095,086)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,088,559)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Investment balance of Namisa 11.30.15 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(10,160,981)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Capital increase/acquisition of shares </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">190,435 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,575 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;201,263 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">490,842 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Acquisition of 4,16% shares of Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,732,605 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Capital reduction </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(466,758)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(546,796)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;194 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(54,464)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(2,291,507)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,985,128)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Comprehensive income (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;128,558 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(967,447)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(263,477)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(426,622)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Comprehensive income - Business Combination</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,943,244</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Capital contribution &#8211; Transfer of excluded assets</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(547,494)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Equity pickup&nbsp; (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;84,344 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,192,034 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(806,769)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,604,950</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Incorporation of subsidiary - CSN Cimentos</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,061,005)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Transfer of shares &#8211; Namisa and MRS</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">786,812 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6,173,113)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Transfer of&nbsp; assets - Casa de Pedra and Tecar</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">156,723 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fair Value of assets&nbsp; - Minera&#231;&#227;o Nacional</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,123,507</FONT></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(1,476)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">15 </FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(1,482)</FONT></P></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Closing balance of investments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;4,400,294</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,998,239</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;22,246,875</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;25,517,369</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.55pt">

   <TD style="HEIGHT: 15.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Balance of provision for investments with negative equity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(986,564)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(1,095,086)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.4pt">

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;4,400,294</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,998,239 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;21,260,311</FONT></B></P></TD>

   <TD style="HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.4pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;24,422,283 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(1) In 2016 refers to the allocation of dividends from subsidiaries CSN Energia, It&#225; Energ&#233;tica, CGPAR Constru&#231;&#227;o Pesada, CSN Minerals, CSN Export, CSN Steel, CSN Metals and CSN Americas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(3) The table below shows the reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in the income statement and it is due to the elimination of the results of the CSN&#180;s transactions with these companies</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Equity in results of affiliated companies</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Nacional Min&#233;rios S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;347,498 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;93,038 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;38,734 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,417 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(2,263)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Transnordestina</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(10,742)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(14,490)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Arvedi Metalfer do Brasil</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(44)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(1,329)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;675 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">84,344 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">368,150 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">To cost of sales </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(23,414)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(18,258)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">To net revenues </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,188)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">To taxes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,961 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,952 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(5,484)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="79%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Equity in results </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;63,407 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;354,656 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><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: right">Page 45</P></FONT>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>8.c) Joint ventures and joint operations financial information</FONT></B>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P><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:</FONT>

<P></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" 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>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" 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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Venture</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="12%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Operation</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint - Venture </FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="13%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Operation</FONT></I></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" rowSpan=2 width="23%" 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>Equity interest (%)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Transnordestina Log&#237;stica </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="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>&nbsp;CGPAR </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Transnordestina Log&#237;stica </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <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-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>&nbsp;CGPAR </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>34.94%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>51.81%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>48.75%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>34.94%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>56.92%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>48.75%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>50.00%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" 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>Balance sheet</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 578,179 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,500 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 30,793 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,769 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,784 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>671,475 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,343 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>75,977 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 36,647 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,621 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,178 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>958 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 35,992 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 60 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,854 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>289 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>215 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>81 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 540,078 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 19,224 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 87,680 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,130 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>38,264 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>657,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 22,726 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>67,540 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 17,137 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 43,358 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,128,435 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,682 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 154,465 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>24,978 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>46,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,335,329 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,358 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>143,517 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 53,999 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 54,060 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 675,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>275 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;260,863 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>45,261 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>533,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>139 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>280,718 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 32,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 13,087 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments, PP&amp;E and intangible assets</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,128,579 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,829 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,237,600 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>517,402 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>21,677 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 6,191,459 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,689 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,006,464 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 534,569 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 34,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total non-current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,804,197 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,104 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,498,463 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>562,663 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>39,163 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 6,725,356 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,828 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,287,182 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 567,449 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 47,087 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,932,632 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 25,786 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,652,928 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>587,641 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>85,271 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,060,685 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 31,186 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,430,699 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 621,448 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 101,147 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 770,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 48,237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,063 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>844,296 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>167,112 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,849 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other current liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 772,484 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 23,008 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 190,123 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>66,911 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>44,302 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>893,883 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 28,794 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>250,440 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 33,667 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 55,281 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,543,397 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 23,008 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 238,360 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>66,911 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>53,365 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,738,179 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 28,794 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>417,552 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 33,667 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 66,130 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,576,007 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,841,095 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,522 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,772,462 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,560,078 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12,620 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other non-current liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 579,298 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>820 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 140,002 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,283 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>564,407 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,389 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>220,001 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,170 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,193 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total non-current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,155,305 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>820 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,981,097 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,283 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,522 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,336,869 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,389 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,780,079 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,170 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 13,813 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,233,930 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,958 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,433,471 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>518,447 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>23,384 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,985,637 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,003 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,233,068 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 585,611 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 21,204 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total liabilities and shareholders&#8217;<BR>equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,932,632 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 25,786 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,652,928 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>587,641 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>85,271 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,060,685 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 31,186 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,430,699 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 621,448 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 101,147 </FONT></B></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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="35%" colSpan=9 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>01/01/2016 to 06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="36%" colSpan=9 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>01/01/2015 to 06/30/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" 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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="20%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Venture</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="13%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Operation</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="22%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Venture</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="13%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-Operation</FONT></I></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" rowSpan=2 width="24%" 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>Equity interest (%)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transnordestina Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>CGPAR</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>CBSI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transnordestina Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <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-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>CGPAR</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>34.94%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>51.81%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>48.75%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>27.27%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>62.70%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>48.75%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>50.00%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" 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>Statements of Income</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,581,554 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 61,199 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>85,757 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>65,570 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,470,683 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 76,603 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 76,034 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 103,532 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,061,738)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(52,815)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(45,887)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(47,683)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,016,883)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (75,532)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (41,003)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(78,992)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gross profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 519,816 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>39,870 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,887 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>453,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,071 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 35,031 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 24,540 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Operating (expenses) and revenues</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,613)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,385)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(11,011)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(25,964)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(7,615)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(110,658)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (5,025)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(15,337)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (24,283)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(9,396)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Finance income (costs), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (129,168)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (891)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(8,586)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (412)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(125,965)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(572)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(7,788)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (957)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income before income tax and social<BR>&nbsp;contribution</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>387,035 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,108 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(19,597)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>14,400 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,860 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>217,177 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (4,526)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(23,125)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 11,877 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 14,187 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current and deferred income tax<BR>and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(137,397)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (274)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,884)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3,679)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(74,503)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (4,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(5,306)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit / (loss) for the period</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>249,638 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,834 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(19,597)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,516 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,181 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>142,674 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (4,526)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(23,125)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,851 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 8,881 </FONT></B></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: 0in 0in 0pt">&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 46</P></FONT>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_48"></A>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT</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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The information related to property, plant and equipment has not changed significantly compared to the disclosed in the Company's financial statements on December 31, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp; </FONT></P>

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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="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="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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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="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="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="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="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><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

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   <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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Land</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Buildings and Infrastructure</FONT></B></P></TD>

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   <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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Machinery.<BR>equipment<BR>and facilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furniture<BR>and fixtures</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Construction<BR>in progress</FONT></B></P></TD>

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   <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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" 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>Other (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>216,458 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,432,450 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,499,676 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 36,633 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,243,967 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>194,956 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,624,140 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>216,458 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,021,437 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 16,791,750 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 167,410 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,243,967 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>414,276 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,855,298 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(588,987)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (6,292,074)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (130,777)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(219,320)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (7,231,158)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>216,458 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,432,450 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,499,676 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 36,633 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,243,967 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>194,956 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,624,140 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>16,418 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 51,910 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>230,588 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,453 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,498 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,833 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>310,700 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Acquisitions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,841 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 9,710 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>242,656 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 3,292 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,914,732 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10,355 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,182,586 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capitalized interest </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>166,366 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>166,366 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Write-offs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,507)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(49)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (3,827)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (83)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (6,466)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(103,387)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,005,848)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (6,214)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(11,573)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,127,022)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfers to other asset categories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 95,524 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>880,652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>81 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,270,903)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>272,023 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Transfers to intangible </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,852)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,852)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Business Combination, fair value of assets acquired (nota 3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,199 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 208,757 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>229,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,534 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>146,734 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>66,591 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>661,721 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Update of the ARO estimation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>22,582 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>22,582 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(5,723)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,879)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,329)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,402 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (6,529)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2015 (restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>263,539 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,689,241 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 11,072,244 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 38,730 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 3,199,386 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>563,086 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,826,226 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>263,539 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,429,573 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 18,601,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 182,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 3,199,386 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>811,080 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>26,487,496 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(740,332)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (7,528,844)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (144,100)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(247,994)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (8,661,270)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31,2015 (restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>263,539 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,689,241 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 11,072,244 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 38,730 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 3,199,386 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>563,086 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,826,226 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(11,663)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(34,354)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(137,336)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(800)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (7,800)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,149)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (195,102)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Acquisitions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>44,574 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>392 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>735,885 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>23,537 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>804,492 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capitalized interest (notes 23 and 27)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>110,875 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>110,875 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Write-offs (note 22)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (34)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6,997)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(74)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6,786)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (13,897)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(57,218)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(535,721)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (2,965)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(13,568)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (609,472)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfers to other asset categories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>80,110 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>454,292 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>61 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (532,114)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,349)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Transfers to intangible assets</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (14,353)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (14,353)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (542)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(63)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(605)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at June 30,2016 (restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>251,880 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,677,845 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,890,514 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 35,412 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,491,742 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>560,771 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,908,164 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>251,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,452,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 18,777,579 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 178,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,491,742 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>816,399 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>26,968,131 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(774,252)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (7,887,065)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (143,022)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(255,628)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (9,059,967)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at June 30,2016 (restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>251,880 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,677,845 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,890,514 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 35,412 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,491,742 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>560,771 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,908,164 </FONT></B></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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>

<P style="TEXT-ALIGN: right">Page 47</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<TR>

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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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap>

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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>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Land</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">

   <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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Buildings and Infrastructure</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Machinery.<BR>equipment<BR>and facilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furniture<BR>and fixtures</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Construction<BR>in progress</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="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>Other (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 110,181 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,786,572 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 8,882,070 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 29,036 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,118,097 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 183,338 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,109,294 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 110,181 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,003,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 13,877,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 136,041 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,118,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 301,835 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 18,546,484 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(216,731)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (4,994,957)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (107,005)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (118,497)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(5,437,190)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 110,181 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,786,572 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 8,882,070 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 29,036 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,118,097 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 183,338 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,109,294 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>203,870 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,030 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,769,120 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 4,484 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,979,504 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Incorporation of subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,400 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 214,879 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>175,298 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>561 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,713 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>396,864 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transfers of the assets related to Casa de Pedra and Tecar</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(50,854)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,287,945)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (3,332,850)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (9,268)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,117,432)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(115,336)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(5,913,685)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capitalized interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>160,777 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>160,777 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Write-offs </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (91)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,827)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(58)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (3,990)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(57,055)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(782,928)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (4,680)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (10,486)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (855,149)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfer to other asset categories </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,623 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 218,343 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>959,632 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>14 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,200,871)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>259 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfer to intagible</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (624)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(624)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(5,723)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,281)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,926)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 2,287 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (6,643)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 83,350 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 869,071 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,103,720 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 17,679 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,723,327 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 69,201 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,866,348 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 83,350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,025,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,677,122 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 118,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,723,327 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 159,914 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 13,787,862 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(156,777)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (4,573,402)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (100,622)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (90,713)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,921,514)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 83,350 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 869,071 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,103,720 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 17,679 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,723,327 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 69,201 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,866,348 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>25,182 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>165 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>565,284 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 17,634 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>608,265 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Capitalized interest (Notes 23 and 27)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>62,942 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>62,942 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Write-offs&nbsp; (Note 22)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(34)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (7)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (7,594)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (7,638)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(12,348)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(255,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,463)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (3,100)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (272,515)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfer to other asset categories </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>49,193 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>185,288 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(234,481)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tranfer to intangible</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(12,544)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (12,544)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (24)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 566 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (2)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 540 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at June 30, 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 83,350 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 905,882 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,058,555 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 16,378 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,105,094 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 76,139 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,245,398 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 83,350 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,075,172 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,887,384 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 118,056 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,105,094 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 176,116 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>14,445,172 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(169,290)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (4,828,829)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (101,678)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (99,977)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (5,199,774)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at June 30, 2016</FONT></B></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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 83,350 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 905,882 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,058,555 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 16,378 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,105,094 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 76,139 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,245,398 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P><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 parts inventories.</FONT>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The breakdown of the projects comprising construction in progress is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.25pt">

   <TD style="HEIGHT: 8.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="46%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Project description</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Start date</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Completion date</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Logistics</FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>55,213 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>35,457 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>55,213 </FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>35,457 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Mining&nbsp;</FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Expansion of Casa de Pedra Mine capacity production. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2007</FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2016/2017</FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>738,528 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>709,945 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Expansion of TECAR export capacity. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2009</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 2020</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(2)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>238,453 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>390,920 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>318,350 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>302,764 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,295,331 </FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,403,629 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Steel</FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;Equipment supply for use in the steel operation. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2008</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 2016</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>93,493 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>105,697 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Expansion of the service center/Mogi.&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2013</FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2015/2016</FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(3)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 77 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>14,950 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 496,232 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>375,579 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>589,802 </FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>496,226 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cement</FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Construction of cement plants. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2011</FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>2020</FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(5)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,541,785 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,254,897 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>9,611 </FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>9,177 </FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT color=#000000></FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,551,396 </FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 1,264,074 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="56%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Construction in progress</FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 3,491,742 </FONT></B></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp; 3,199,386 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(2) Estimated completion date of phase 60 Mtpa;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(3) Estimated completion date of Mogi Service Center;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(5) Estimated completion date of the unit Arcos / Minas Gerais</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><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: 0in 0in 0pt"><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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 48</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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):</FONT></P>

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   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 9.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Buildings</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">43 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Machinery, equipment and facilities</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Furniture and fixtures</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>9.a) Depreciation, amortization and depletion expenses:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Production costs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">602,414 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">531,909 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">298,503 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">273,033 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,527 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,630 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,253 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,330 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,147 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,639 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,496 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,317 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">614,088 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">543,178 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">304,252 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">278,680 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other operating expenses (*)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">23,304 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18,477 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11,196 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,473 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">637,392 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">561,655 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">315,448 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">288,153 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Six months ended</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Production costs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">267,168 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">416,685 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">135,700 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">214,273 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,608 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,658 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,798 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,880 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,446 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,213 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,199 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,074 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">275,222 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">424,556 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">139,697 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">218,227 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) Refers to the depreciation of unused equipment and amortization of intangible assets, see note 22.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><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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<P style="TEXT-ALIGN: right">Page 49</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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;&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>INTANGIBLE ASSETS</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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The information related to intangible assets did not have relevant changes in relation to that disclosed in the Company's financial statements as of December 31, 2015 and, accordingly, the Company decided not to repeat it in the condensed interim financial statements as of June 30, 2016.</FONT></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%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="50%" colSpan=13 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>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="19%" colSpan=5 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>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Goodwill</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Customer relationships</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Software</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Trademarks<BR>and<BR>patents</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Rigths and Licenses (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Software</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" 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>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 407,434 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>347,115 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>79,867 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 109,052 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>185 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>943,653 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>75,825 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>88,916 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>666,768 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 415,964 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 153,080 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>109,052 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 185 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,345,049 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 14,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 110,241 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 124,376 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Accumulated amortization </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(150,004)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (68,849)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(73,213)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(292,066)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,044)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (34,416)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (35,460)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Adjustment for accumulated recoverable value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 407,434 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>347,115 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>79,867 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 109,052 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>185 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>943,653 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>75,825 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>88,916 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>104,136 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;192 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 34,584 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>60 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>138,972 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Acquisitions and expenditures</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,234 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 77 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>150 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,461 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Incorporation of subsidiary - CSN Cimentos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>706 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 706 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfers of the assets related to Casa de Pedra and Tecar</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(18,912)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(18,912)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Business combination, fair value of assets e goodwill (note 3b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,196,588 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,420 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,437 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,184,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,386,146 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfer of property. Plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>930 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 922 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,852 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 624 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 624 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Amortization&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(39,395)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (10,423)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (49,818)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(8,592)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(8,592)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31,2015 (Restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,604,022 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>413,276 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>75,237 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 143,636 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,185,700 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>395 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,422,266 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>49,651 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>62,742 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,974,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 549,302 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 173,154 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>143,636 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,185,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 395 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,026,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 14,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 84,552 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 98,687 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Accumulated amortization </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(260,776)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (136,026)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(97,917)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(494,719)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,044)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (34,901)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (35,945)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Adjustment for accumulated recoverable value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at December 31,2015 (Restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,604,022 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>413,276 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>75,237 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 143,636 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,185,700 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>395 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,422,266 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>49,651 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>62,742 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(65,524)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(125)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (23,959)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (66)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (89,674)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Acquisitions and expenditures</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transfer of property. Plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>14,353 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>14,353 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>12,544 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>12,544 </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Write-offs (note 22)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (13,091)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (13,091)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (13,091)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(13,091)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Amortization&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(22,066)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (5,854)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (27,920)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,707)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,707)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at June 30, 2016 (Restated)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,590,931 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>325,686 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>83,617 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 119,677 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,185,700 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>329 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,305,940 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>59,488 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>59,488 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,834,234 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>457,911 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>179,464 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 119,677 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,185,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,777,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 14,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>97,096 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>111,231 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Accumulated amortization </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (133,973)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(132,225)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (95,847)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (362,045)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (14,135)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(37,608)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(51,743)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Adjustment for accumulated recoverable value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="5%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balance at June 30,2016 (Restated)</FONT></B></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: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,590,931 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>325,686 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>83,617 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 119,677 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,185,700 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>329 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,305,940 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>59,488 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>59,488 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) Composed mainly by mineral rights with estimated resources of 1,101 million tons. Corresponding amortization is recorded based on production volumes.</FONT></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>The estimated useful lives for the current year are as follows (in years):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Software</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Customer relationships</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13 </FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>11.</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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of June 30, 2016 the balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Rates p.a.&nbsp; (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>FOREIGN CURRENCY</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Prepayment (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;1% to 3.5% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>109,231 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>207,657 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>528,547 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,633,137 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>109,231 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>207,657 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>528,547 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 2,633,137 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Prepayment (*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3.51% to 8%</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>369,012 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>286,487 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 4,289,363 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,429,716 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>439,384 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>372,474 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 9,092,431 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 9,272,766 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,369 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,209,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,904,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fixed rate notes (*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4.14% to 10%</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>135,052 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>175,768 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,445,737</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,910,992</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,634</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,402</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,334,373</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,056,347</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Intercompany (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Libor 6M to 3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1051237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1261861 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,757,871</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,137,040</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Forfaiting (**)</FONT></I></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Libor + Spread</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>151,079 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>288,772 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>151079 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>288772 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1.2% to 8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>98,528 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>115,594 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>270,368 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>425,635 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>867,271</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,079,593</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,743,815</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,304,280</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,777,565</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,163,166</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>14,713,222</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>18,099,290</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>LOCAL CURRENCY</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1.3% + TJLP and Fixed rate 2.5% to 6% + 1.5%</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>66,393 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>55,435 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,021,819 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,018,189 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>39,581 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,847 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>944,921</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>928,622</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>110.8% to 113.7% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>156,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>60,670 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,653,333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>156,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>60,670 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,653,333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,750,000</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Prepayment (*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>109.5% to 116.5% CDI and fixed rate of&nbsp; 8%</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>194,418 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>522,418 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 5,460,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 5,200,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>143,347 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>473,139 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,460,000</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,200,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>CCB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>112.5% and 113% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>91,390 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>92,976 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>91,390 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>92,976 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,200,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,200,000</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Drawee risk (**)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>84,063 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>84,063</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,229 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,107 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>508,961</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>821,791</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>15,335,152</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>15,180,296</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>431,078</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>738,695</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,258,254</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,078,622</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total borrowings and financing (note 12 I)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,376,232</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,901,384</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>29,078,967</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,484,576</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,208,643</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,901,861</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,971,476</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>31,177,912</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="30%" colSpan=3 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transaction costs and issue premiums</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(38,360)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(26,703)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(74,000)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(76,742)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(33,716)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(22,788)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(68,042)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(68,895)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="30%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total borrowings and financing + transaction costs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,337,872</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,874,681</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>29,004,967</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,407,834</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,174,927</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,879,073</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,903,434</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>31,109,017</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The balances of Pre-export loans, Fixed Rate Notes and Intercompany Bonds from related parties of the parent company totals R$11,043,554 on June 30, 2016 (R$13,416,687 on December 31, 2015), see note 17b.</FONT> <BR><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(**) The balances of forfaiting and drawee risk operations totals R$ 151,079 on June 30, 2016 (R$372,835 on December 31, 2015).</FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><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>Maturities of borrowings, financing and debentures presented in non-current liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of June 30, 2016, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures by maturity date is presented as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2017</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,111,025 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,668,109 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2018</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,602,570 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">19%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,774,316 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2019</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,896,445 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,271,913 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">19%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2020</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,408,444 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,621,687 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2021</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,208,657 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,788,330 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">After 2021</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,642,026 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,847,121 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">27%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,209,800 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 29,078,967 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 27,971,476 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">100%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 3.8pt"><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;&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>Amortization and new borrowings, financing and debentures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The table below presents the capitalizations and amortizations during the year:</FONT>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;34,282,515 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;30,354,058 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;33,988,090 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;29,560,826 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Funding Transactions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;7,437 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;978,206 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;40,239 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;2,694,533 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Funding &#8211; Forfaiting/Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;78,240 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;924,706 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;78,240 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;924,706 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Repayment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(611,239)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(2,850,077)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(224,668)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,542,921)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Payments &#8211; Forfaiting / Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(257,631)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,146,306)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(257,631)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,146,306)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Payment of charges</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,582,124)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(2,957,762)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,323,355)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(2,656,208)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Payment of charges - Forfaiting/Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1,544)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(7,064)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,544)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(7,064)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision of charges</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;1,593,578 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;3,052,164 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;1,317,017 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;2,996,662 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision of charges - Forfaiting / Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>3,030 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;2,032 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;3,030 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;2,032 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other&nbsp; (1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(3,169,423)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;5,932,558 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,541,057)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,161,830 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;30,342,839 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;34,282,515 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;30,078,361 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;33,988,090 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" 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" face=Arial,sans-serif>(</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>1) Includes interests and unrealized foreign exchange variances.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In 2016, the Group capitalized and amortized loans as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt; TEXT-INDENT: 0in"><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>Capitalization</FONT></B></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Transaction</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Financial institution</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Date</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Maturity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Financing&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Kreissparkasse Saalfeld-Rudolstadt </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">June/16</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;7,437 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">January 2018</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Total </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;7,437 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt; TEXT-INDENT: 0in"><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: justify; MARGIN: 0in 0in 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 align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Transaction</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Principal</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charges</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Fixed Rate Notes </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">105,178</FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">388,450</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Debentures </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">130,306</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Bank Credit Bill </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">539,078</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Export Credit Note </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">65,000</FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">403,811</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Pre - Export Payment </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">116,935</FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">103,112</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;BNDES/FINAME </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">16,326</FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">16,589</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Pre - Debt Payment </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">303,844</FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Others </FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,956</FONT></P></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 7.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">778</FONT></P></TD></TR>

<TR style="HEIGHT: 7.8pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Total </FONT></B></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">611,239 </FONT></B></P></TD>

   <TD style="HEIGHT: 7.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.8pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,582,124 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>12.</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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The information related to financial instruments did not have significant changes compared to what was disclosed in Company's financial statements as of December 31, 2015 and, accordingly, the Company decided not to repeat it fully in the condensed interim financial statements as of June 30, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 rate swaps.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 52</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 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></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="Times New Roman">&nbsp; </FONT></P>

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<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=7>

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%" colSpan=7>

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Notes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</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>Available for sale</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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 lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fair value through profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Loans and receivables - effective interest rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other liabilities amortized cost method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="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>Balances</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</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>Available for sale</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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 lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fair value through profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Loans and receivables - effective interest rate </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other liabilities - amortized cost method</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="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>Balances</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 5,139,041 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,139,041 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,861,052 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,861,052 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Short term investments - margin deposit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>322,925 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 322,925 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>763,599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 763,599 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,622,486 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,622,486 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,500,812 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,500,812 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 118,592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 118,592 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trading securities</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12,882 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12,882 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,778 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,778 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dividends receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,902 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,902 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 27,817 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="4%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12,882 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,084,452 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,902 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,124,236 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 129,370 </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="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,125,463 </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="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,817 </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="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;10,282,650 </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="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,311 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 13,311 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,877 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 6,877 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>789,962 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 789,962 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>471,674 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#5b9bd5 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 471,674 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings - related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>400,053 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 400,053 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>373,214 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 373,214 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="4%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>789,962 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>413,364 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,203,326 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>471,674 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>380,091 </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="1%" noWrap align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 851,765 </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="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>789,962 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 12,882 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 7,497,816 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>26,902 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,327,562 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>471,674 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 129,370 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 10,505,554 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,817 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;11,134,415 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,376,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,376,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,901,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,901,384 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,257 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,257 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,194,942 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,194,942 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 1,293,008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,293,008 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dividends and interest on capital</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>464,982 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 464,982 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>464,982 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 464,982 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,036,156 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,036,156 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 3,659,374 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,685,631 </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="4%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="7%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="7%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </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="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings and financing </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>11 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 29,078,967 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;29,078,967 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 32,484,576 </FONT></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 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;32,484,576 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 29,078,967 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;29,078,967 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 32,484,576 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;32,484,576 </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="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 32,115,123 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;32,115,123 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 26,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 36,143,950 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;36,170,207 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P><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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" colSpan=4><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B></P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 9pt"><FONT><FONT style="FONT-SIZE: 9pt">06/30/2016</FONT></FONT></FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" colSpan=5>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Balances</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Level 2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Balances</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Financial assets at fair value through profit or loss&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">118,592 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 118,592 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trading securities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 12,882 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 12,882 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 10,778 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 10,778 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Available-for-sale financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 789,962 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 789,962 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 471,674 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 471,674 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 802,844 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 802,844 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 482,452 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">118,592 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 601,044 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Financial liabilities at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,257 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 26,257 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,257 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 26,257 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; 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). </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>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 lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>During March 2016, the Usiminas&#8217; Board of Directors authorized a capital increase amounting to R$64,882, through the issuance of up to 50,689,310 preferred shares. On April 22, 2016, CSN fully exercised its right of subscription, paying R$11,603 by 9,064,856 preferred shares. The capital increase has been approved by the Usiminas&#8217; Board of Directors on June 03, 2016.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right">Page 53</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The Usiminas&#8217; Board of Directors authorized in April 2016 an increase in its share capital in the amount of &nbsp;R$1,000,000, through the issuance of 200,000,000 common shares. Over again, on May 20, 2016, CSN fully exercised its right of subscription, paying R$178,832 by 35,766,351 preferred shares. The capital increase has been approved by the Usiminas&#8217; Board of Directors on July 19, 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of June 30, 2016, 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 30 June, 2015 amounted to R$ 89,433):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Class of&nbsp; shares</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Quantity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Variation in the quarter </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Share price</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Carrying amount</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Quantity</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Share price</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Carrying amount</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Share price</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Variation in the carrying amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Common (*)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">107,156,651</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>5.08</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>544,356</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>71,390,300</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>4.02</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>286,989</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1.06</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>257,367</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Preferred</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">114,280,556</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1.97</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>225,133</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>105,215,700</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>1.55</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>163,084</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>0.42</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>62,049</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">221,437,207</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">769,489</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">450,073</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">319,416</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR 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: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The quantity and carrying amount of the common shares already reflect the approval of the capital increase on July 19, 2016</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>As of June 30, 2016, the Company's shareholding equity in USIMINAS was 14.13% in the common shares and 20.86% in the preferred shares.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Since July 19, 2016, upon approval of the capital increase in common shares, the Company's shareholding equity in USIMINAS is 15.19% of the common shares and 20.86% are preferred shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>As of June 30, 2016 the carrying amounts recorded in other comprehensive income for investments available for sale is R$127,780 (R$ (73) as of December 31, 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of June 30, 2016, there were no changes in the financial risk management policies in relation to those disclosed in the Company's financial statements for the year ended December 31, 2015</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>12.a) Foreign exchange and interest rate risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The exchange rate risk arises from the existence of assets and liabilities generated in US dollars or Euros is called natural currency exposure. Net exposure is the result of offsetting the natural currency exposure by hedging instruments adopted by CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>The consolidated net exposure as of June 30, 2016 is as follows:</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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(Amounts in US$&#8217;000)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(Amounts in &#8364;&#8217;000)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and cash equivalents overseas</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">802,027 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">56,126 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">306,844 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,423 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Other assets </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,740 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">15,840 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 1,118,611 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">81,389 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; (4,437,097)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(97,581)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,988)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(8,840)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(7,216)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(81,329)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,450,301)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(187,750)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreing exchange exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,331,690)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(106,361)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 1,541,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net Investment hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">96,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net foreign exchange exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,790,690)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(10,361)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Bonds Perpetual </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net currency exposure of the Perpetual Notes</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(790,690)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(10,361)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 54</P></FONT>

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&nbsp; <A name="page_56"></A>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>During the second quarter of 2016 CSN initiated a process of reviewing its foreign exchange hedging strategy that resulted in the liquidation of the future dollar derivatives portfolio. Consequently, the net foreign exchange exposure on our consolidated balance sheet as of June 30, 2016 was US$1,790,690 thousand, as shown in the table above. It is important to mention that included in the net foreign exchange exposure there is a liability of US$ 1 billion, classified as loans and financing, related to perpetual bonds; which will not require a disbursement to settle its principal in the foreseeable future considering corresponding nature. Therefore, excluding perpetual bonds, the Company's net foreign exchange exposure amounts to US$ 790,690 thousand. The company began to focus its hedging strategy to preserve its cash flow and is analyzing the replacement of the exposure generated by the settlement of derivatives with new designations of hedge accounting, capturing existing natural relations, and may also utilize other derivative instruments with the objective of protecting future cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>12.b) CSN uses several instruments for protection of foreign currency risk and interest rate risk, as shown in the following topics:</FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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>

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<P style="TEXT-ALIGN: right">Page 55</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>06/30/2016</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT 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="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Appreciation (R$)</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>Fair value<BR>(market)</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>Appreciation (R$)</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>Fair value<BR>(market)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impact on finance income (cost) in 2016</FONT></B></P></TD></TR>

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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>Counterparties</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>Functional Currency</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>Notional amount</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>Asset<BR>position</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>Liability<BR>position</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>Amounts receivable / (payable)</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>Notional amount</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>Asset<BR>position</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>Liability<BR>position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</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>Amounts receivable / (payable)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>BM&amp;FBovespa</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dollar</FONT></P></TD>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; 1,435,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>110,075 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>110,075 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(800,621)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total forward dollar</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" 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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; 1,435,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>110,075 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>110,075 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(800,621)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>BBVA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>39,450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>154,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(147,674)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>6,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(5,594)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>BNPP</FONT></I></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dollar</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>18,700 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>73,007 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(71,703)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>1,304 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(1,304)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total dollar-to-euro swap</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>58,150 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>227,024 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(219,377)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>7,647 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(6,898)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" 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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Ita&#250; BBA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>150,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>189,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(200,680)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (10,920)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (137)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>185,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>233,125 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(247,710)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (14,585)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (153)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>10,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>12,579 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(13,331)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(752)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (9)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total Fixed rate-to-CDI interest rate swap</FONT></I></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>345,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>435,464 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(461,721)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (26,257)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (299)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Ita&#250; BBA</FONT></I></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>30,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>33,396 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(33,232)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; 164 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (14)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>HSBC</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>120,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>133,508 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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>(132,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; 706 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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; (49)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total interest rate- to-CDI swap</FONT></I></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>150,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>166,904 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; 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>(166,034)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 870 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (63)</FONT></B></P></TD></TR>

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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>

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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>

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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="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="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>939,467 </FONT></B></P></TD>

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   <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="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>(847,132)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" 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="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>92,335 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(807,881)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P><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; </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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Instruments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income and expenses, net (Note 23)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Future Dollar BM&amp;F</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(800,621)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar - to- euro swap</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6,898)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed rate- to- CDI swap (*)</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(299)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">CDI -to- fixed rate swap (*)</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(63)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(807,881)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income and expenses, net (Note 23)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar - to-CDI swap</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; (18)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar- to- real NDF</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">316,805 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Future Dollar BM&amp;F</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">110,075 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 110,075 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar- to- euro NDF</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">39,668 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar - to- euro swap</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,647 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 7,647 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,884)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed rate- to- CDI swap</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,257 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 26,257 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,596)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">CDI -to- fixed rate swap</FONT></I></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">870 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">870 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 938 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 118,592 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;118,592 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,257 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 26,257 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">350,913 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif>(*) The positions of swap and future dollar transactions were settled in February, March and April 2016.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 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"> </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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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 shall be temporarily recognized in shareholders&#8217; equity and </FONT>


<FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>allocated to profit or loss when such exports are carried out, which will allow recognizing the US dollar impact on liabilities and exports concurrently.</FONT></P>

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<P style="TEXT-ALIGN: right">Page 56</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The table below shows a summary of the hedging relationships as of June 30, 2016:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>06/30/2016</FONT></B></P></TD></TR>

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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>Designation Date</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>Hedging Instrument</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>

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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>Hedged item</FONT></B></P></TD>

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   <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>

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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>Type of hedged risk</FONT></B></P></TD>

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   <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>

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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>Hedged period</FONT></B></P></TD>

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   <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>

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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>Exchange rate on designation</FONT></B></P></TD>

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   <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>

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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>Designated amounts (US$&#8217;000)</FONT></B></P></TD>

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   <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>

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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>Amortizated part (USD'000)</FONT></B></P></TD>

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   <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>

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   <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>Impact on finance income (expenses) (*)</FONT></B></P></TD>

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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></FONT></B>&nbsp;</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>Impact on shareholders&#8217; equity</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3/11/2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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 lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

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   <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></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

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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></FONT></B>&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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

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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></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2016-<BR>September<BR>2019 </FONT></P></TD>

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   <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>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2.4442</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 500,000 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (382,800)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1/12/2014</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2015- February 2019 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2.5601</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 175,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (25,000)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>20,523 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (97,455)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12/18/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>May 2020 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2.6781</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 100,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#ffffff face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (53,175)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/21/2015</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>March 2021 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.1813</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 60,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,710)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/23/2015</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>March 2021 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.2850</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 100,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,520 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/23/2015</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.285</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 30,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,256 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/24/2015</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3254</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 100,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>11,560 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/27/2015</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3557</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 25,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,648 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/27/2015</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3557</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 70,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10,213 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/27/2015</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3557</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 30,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,377 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>07/28/2015</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3815</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 30,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,151 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1/8/2015</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></SUP><SUP><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3940</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,000)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (1,658)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3/8/2015</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Export prepayments in US$ to third parties</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Part of the highly probable future monthly iron ore exports</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <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>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>October 2022 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3.3940</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 355,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>65,391 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" 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>Total</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: 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; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <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="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" 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="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,566,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;(25,000)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>20,523 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (426,682)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) The effect on the financial result was recorded in net foreign exchange rates.</FONT> <BR><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; LINE-HEIGHT: 116%"><FONT size=3 face="Times New Roman"><BR></FONT>(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 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>The movements in the hedge accounting amounts recognized in shareholders&#8217; equity as of June 30, 2016 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Movement</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Realization</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;1,520,089 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(1,072,884)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(20,523)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;426,682 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(516,831)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;364,781 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;6,978 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(145,072)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Not recorded Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>516,831</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(371,759)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>145,072</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Cash flow hedge accounting, net of taxes </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,520,089 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(1,079,862)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(13,545)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;426,682 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of June 30, 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>

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<P style="TEXT-ALIGN: right">Page 57</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>CSN has foreign exchange exposure in Euros arising from a loan made by a foreign subsidiary with functional currency in Reais, for the acquisition of investments abroad whose functional currency is Euro. Such exposure arises from converting the balance sheets of these subsidiaries for consolidation in CSN, and the exchange rate of the loans affected the income statement in the financial result item and the exchange variation of the net assets of the foreign operation directly affected the equity in other comprehensive income. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 in order to cover future fluctuations of the Euro on such loans. Non-derivative financial liabilities have been designated represented by loan agreements with financial institutions in the amount of &#8364; 120 million. The carrying amounts on June 30, 2016 are:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Designation Date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Hedging Instrument</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Hedged item</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Type of hedged risk</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Exchange rate on designation</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Designated amounts (EUR'000)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Impact on shareholders' equity</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>9/1/2015</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Non-derivative financial liabilities in EUR &#8211; Debt contract</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Investments in subsidiaries which EUR is the functional currency</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&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: 9pt; FONT-FAMILY: arial" color=#000000>Foreign exchange - R$ vs. EUR spot rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>4.0825</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;120,000 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;47,916 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>01/31/2016</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Non-derivative financial liabilities in EUR &#8211; Debt contract</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Investments in subsidiaries which EUR is the functional currency</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: 9pt; FONT-FAMILY: arial" color=#000000>Foreign exchange - R$ vs. EUR spot rate</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: 9pt; FONT-FAMILY: arial">&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;(24,000)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;96,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;47,916 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%">(1) In January 2016 it was settled the portion of debt designated as a hedge instrument.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 June 30, 2016 are presented below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Movement</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Realization</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Net Investment hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">20,148</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(68,064)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(47,916)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Fair value of net investment hedge in foreign operations</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">20,148</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(68,064)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(47,916)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>On June 30, 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: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>12.c) Sensitivity analysis</FONT></B>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0in 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: 0in 0in 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: 0in 0in 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 June 30, 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 8.5pt">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Currency</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Exchange rate</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Probable scenario</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Scenario 1</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp; Scenario 2</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>USD</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3.2098 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3.1412 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;4.0123 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;4.8147 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>EUR</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3.5414 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3.7230 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;4.4268 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;5.3121 </FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 58</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P><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 both scenarios are shown below:</FONT>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Notional amount</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Risk</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Probable scenario (*)</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Scenario 2</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Hedge accounting of exports</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,541,000</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Dollar</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(105,713)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,236,575</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,473,151</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Currency position</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(3,331,690)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Dollar</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>228,554</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(2,673,515)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(5,347,029)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(Not including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Consolidated exchange position </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1,790,690)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Dollar</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>122,841</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1,436,940)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(2,873,878)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(Including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Net Investment hedge accounting</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>96,000</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Euro</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>17,434</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>84,992</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>169,985</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Currency position</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(106,361)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Euro</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(19,315)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(94,166)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(188,332)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Consolidated exchange position </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(10,361)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Euro</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1,881)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(9,174)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(18,347)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(Including exchange derivatives above)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) The likely scenarios were calculated considering the following changes to the risks: Real x Dollar - Real depreciation of 1.32% / Real x Euro &#8211; Real appreciation of 5.13%. Source: Central Bank of Brazil on 09/25/2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0in 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: 0in 0in 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: 0in 0in 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 June 30, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Impact on profit or loss</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Changes in interest rates</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>% p.a</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Probable scenario (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Scenario 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>TJLP</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7.50</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(1,070,670)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(8,751)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(20,075)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(40,150)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Libor</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0.92</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(5,251,233)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(44,920)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,132)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(24,264)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">CDI</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">14.13</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,926,190</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(14,438,793)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(325,900)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(442,008)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(884,016)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>(*) The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at June 30, 2016 recorded in the Company&#180;s assets and liabilities.</FONT></P>

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<P style="TEXT-ALIGN: right">Page 59</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>12.d) Liquidity risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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>

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<TR style="HEIGHT: 8.5pt">

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">At June 30,2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Less than one year</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">From one to two years</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">From two to five years</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Over five years</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Borrowings, financing and debentures</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,376,232 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;6,713,595 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;16,513,546 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;5,851,826 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;30,455,199 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,194,942 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,194,942 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends and interest on capital</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">464,982 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;464,982 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>&nbsp; IV -&nbsp; Fair values of assets and liabilities as compared to their carrying amounts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT 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: 0in 0in 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: 0in 0in 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Carrying amount</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Carrying amount</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,214,169 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,280,700 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,910,115 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,330,685 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed Rate Notes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;5,580,789 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,410,094 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;7,086,760 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;3,915,310 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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"> </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: 0in 0in 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: 0in 0in 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: 0in 0in 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>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%" colSpan=7 noWrap><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 9pt"><FONT style="LINE-HEIGHT: normal">Consolidated</FONT></FONT></FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=7 noWrap><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 9pt"><FONT style="LINE-HEIGHT: normal">Parent Company</FONT></FONT></FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Current</FONT></B></P></TD>

   <TD width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Non-current</FONT></B></P></TD>

   <TD width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Current</FONT></B></P></TD>

   <TD width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Non-current</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Payables to related parties (note 17 b)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7,270 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">6,798 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">127,157 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">110,106 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">79,785 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">118,653 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Derivative financial instruments (note 12 I)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">26,257 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Exclusive funds (Note 17 b) (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">25,387 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Dividends and interest on capital payable to non- controlling shareholders (note 12 I)(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">464,982 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">464,982 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">2,262 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">2,262 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Advances from customers</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">51,049 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">49,505 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">39,691 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">40,988 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Taxes in installments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">26,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">24,237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">84,702 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">87,890 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">9,388 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">9,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">1,559 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">1,476 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Profit sharing - employees</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">89,565 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">171,695 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">58,471 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">121,423 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Provision for freight</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">26,811 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">105,104 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">8,679 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">10,190 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Provision industrial restructuring</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">100,244 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">122,854 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">56,402 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">74,382 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Taxes payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">21,498 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7,805 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7,060 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">6,321 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Other provisions</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">35,795 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">30,784 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">17,397 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">10,289 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="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="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">62,969 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">70,801 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">30,832 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">35,589 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">5,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7,465 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp; 865,285 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;1,073,017 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp; 137,032 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">131,284 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp; 325,240 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp; 411,699 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">88,404 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">126,450 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif>Refers to derivative transactions managed by exclusive funds.<BR><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"> </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></FONT></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><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: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>&nbsp;

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<P style="TEXT-ALIGN: right">Page 60</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P><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: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.a) Income tax and social contribution recognized in profit or loss:</FONT></B></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman"></FONT></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#333333></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#333333></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#333333></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#333333></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Consolidated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Six months ended</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Three months ended</FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 <BR>Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 <BR>Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution income (expense)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Current</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (54,090)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (92,044)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (26,504)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,915 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Deferred</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (87,731)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 599,697 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,627)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116,779)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; (141,821)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 507,653 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (28,131)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,136 </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Six months ended</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Three months ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 <BR>Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 <BR>Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution income (expense)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Current</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,040)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150,725 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Deferred</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,500 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp; 642,283 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,050 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52,263)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,449 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 636,243 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,050 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98,462 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P><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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Six months ended</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Theree months ended </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2015</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(Loss)/Profit&nbsp; before income tax and social contribution</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(588,753)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (730,444)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,254 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (619,729)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Tax rate</FONT></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%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution at combined statutory rate</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">200,176 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248,351 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25,246)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210,708 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Adjustment to reflect the effective rate:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Equity pickup</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,558 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,583 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,265 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,900)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Profit with differentiated rates or untaxed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(358,175)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195,504 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178,308)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145,763)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Transfer pricing adjustment</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,028)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,335)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,144 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,094)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Tax loss carryforwards without recognizing deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(791,260)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25,194)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346,453)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,364)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Limit of indebtdness </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,681)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,712)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,470)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,994)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Deferred taxes on temporary differences - non computed (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">703,320 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390,075 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Deferred taxes on foreign profit</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">6,798 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Estimated reversals for deferred income and social contribution tax credits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">112,622 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,841 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Other permanent deductions (additions)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,647 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,456 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,898 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,543 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Amortization of goofwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,325 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution in profit for the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(141,821)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507,653 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28,131)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,136 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Effective tax rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-24%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">69%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-4%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">1%</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Six months ended</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Theree months ended </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(Loss)/ Profit before income e tax and social contribution</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(756,787)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (858,455)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,803 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712,730)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Tax rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">34%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution at combined statutory rate</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">257,308 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291,875 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,793)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242,328 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Adjustment to reflect the effective rate:</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Equity pickup</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (274,301)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379,942 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116,078)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110,525)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Transfer pricing adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,335)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,094)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Limit of indebtdness </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,681)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,712)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,470)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,994)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Tax loss carryforwards without recognizing deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(776,690)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (342,258)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&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></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Deferred taxes on temporary differences - non computed (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">700,146 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394,787 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Estimated reversals&nbsp; for deferred income and social contribution tax credits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">112,622 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,841 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Other permanent deductions (additions)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,045 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,473 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,021 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (253)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution in profit for the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">2,449 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636,243 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,050 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98,462 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Effective tax rate</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">0%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">74%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-7%</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">14%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%"><BR>&nbsp;(1) As from third quarter of 2015 the Company no longer computes income tax and social contribution credits on tax losses and temporary differences.</FONT> </P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>14.b) Deferred income tax and social contribution:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT 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 are calculated on income tax, tax losses and the temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Opening Balance </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Movement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Closing balance</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015 Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Comprehensive<BR>income</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">P&amp;L</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Others</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016 Restated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Deferred tax assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax losses </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417,256 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571,135 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988,391 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Social contribution tax losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,769 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207,269 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369,038 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,572,992)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,327 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (866,135)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,036 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,387,764)</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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">245,923 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,032 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252,955 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,290 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,146)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87,144 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Asset impairment losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87,152 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,560 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,709 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,048 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,824 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,872 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- (Gains)/losses on financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(5,454)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,568 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,886)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- (Gains)/losses on available for sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">947,989 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43,470)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904,519 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">164,167 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164,167 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Accrued supplies and services</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92,401 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,066 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109,467 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,614 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,490 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Goodwill on merger</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,254)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,427,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (866,241)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,561,685 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-&nbsp; Gain in loss of control the Transnordestina</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(224,096)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224,096)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516,831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (371,759)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,072 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-Aquisition Fair value SWT/CBL </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(299,574)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,696 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,788 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235,090)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Defered tax non computed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,673,904)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401,421 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87,940)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,360,423)</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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-Estimated losses to deferred tax credits</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(3,173,048)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,808 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,622 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,046,618)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Business combination </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,058,088)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,165 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,056,923)</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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Other</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212,620 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,631 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82,055)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,039 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135,235 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (993,967)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,327 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87,731)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,036 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,030,335)</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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="LINE-HEIGHT: normal"></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="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Total Deferred Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,066 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,108 </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="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Total Deferred Liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,072,033)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,103,443)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=Arial>Total </FONT>Deferred</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (993,967)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,030,335)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 63</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Opening balance</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" colSpan=4 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Movement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Closing balance</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015 Restated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Comprehensive<BR>income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">P&amp;L</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2015 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="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Deferred tax assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&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="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax losses</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226,246 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569,884 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796,130 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Social contribution tax losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93,031 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206,806 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299,837 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (985,358)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (774,190)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,759,548)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">216,862 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,427 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221,289 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,501 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,420)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86,081 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Asset impairment losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,483 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,902 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,385 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,757 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,897 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- (Gain)/loss in financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(5,454)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,568 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,886)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- (Gains)/losses on available for sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">947,989 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43,470)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904,519 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">163,560 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163,560 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Accrued supplies and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,040 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,114 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,154 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Allowance for doubtful debts</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,087 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (481)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,606 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,427,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; (823,741)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,604,185 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Gain loss of control of the transnordestina</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(224,096)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224,096)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516,831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (371,759)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,072 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">-Deferred taxes non computed </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,491,042)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401,421 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76,544)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,166,165)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Estimated loss to deferred tax credits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(3,173,048)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,808 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,622 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,046,618)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Business Combination</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (721,993)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (721,993)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">- Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26,777)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,462 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (666,081)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,500 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (663,581)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>Total Deferred Liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (666,081)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663,581 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total Deferred</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (666,081)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663,581 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face=Arial,sans-serif><BR>(*) The Company taxes the foreign exchange differences on a cash basis to calculate income tax and social contribution.</FONT> </P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 the </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>2<SUP>nd</SUP> quarter of </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>2016 such foreign subsidiaries generated profits amounting to R$1,706,873. 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$459.628.</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>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: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>14.c) Income tax and social contribution recognized in shareholders' equity:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>The income tax and social contribution recognized directly in shareholders' equity are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>&nbsp; </FONT></P>

<P></P>

<DIV align=left>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#333333>Consolidated</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#333333></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#333333>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#333333></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Income tax and social contribution</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Actuarial gains on defined benefit pension plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">64,603 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,489 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,246 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Estimated losses for deferred income and social contribution tax credits-actuarial gains</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(65,128)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,128)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,128)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,128)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Changes in the fair value on available-for-sale financial assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">38 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,269 </FONT></P></TD></TR>

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   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Actuarial gains and assets available for sale by incorporation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(19,349)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Estimated losses for deferred income and social contribution tax credits-available for sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(38)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Exchange differences on translating foreign operations </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(426,682)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425,510)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (426,682)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425,510)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,072 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,072 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158,880 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Estimated losses for deferred income and social contribution tax credits - cash flow hedge </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(145,072)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158,880)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145,072)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158,880)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427,207)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (426,149)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (426,682)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425,510)</FONT></B></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>

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<P style="TEXT-ALIGN: right">Page 64</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>15.</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>

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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>On June 30, 2016, the information related to judicial deposits and processes has not changed significantly compared to the disclosed in the Company's financial statements as of December 31, 2015. The breakdown of the provisioned amounts and its respective judicial deposits are presented as following:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Judicial deposits</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Judicial deposits</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">127,927 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">143,852 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">82,861 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">82,472 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">66,095 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">82,619 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">65,321 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">67,843 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Social security</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">73,861 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">70,174 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">46,193 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">46,193 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">72,934 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">69,293 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">46,193 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">46,193 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Labor</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">471,607 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">478,611 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">184,412 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">165,027 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">381,763 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">388,763 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">150,931 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">133,686 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Civil</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">133,901 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">128,451 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">23,408 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24,634 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">106,900 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">103,087 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,461 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13,696 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,529 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17,646 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,190 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,697 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,263 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,536 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,121 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,628 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Deposit of a guarantee</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,431 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,519 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">814,825 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">838,734 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">346,495 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">328,542 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">629,955 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">656,298 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">273,027 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">263,046 </FONT></B></P></TD></TR>

<TR>

   <TD width="16%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

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   <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>

<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><BR clear=all></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><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: 0in 0in 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 June 30, 2016 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: arial"></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current + Non- Current</FONT></B></P>

   <P></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Nature</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Additions</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued charges</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net utilization of reversal</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143,852 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,093 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,018)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127,927 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Social security</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,174 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,687 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,861 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Labor</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478,611 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,297 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,758 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75,059)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471,607 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Civil </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128,451 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,188 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,157 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,895)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133,901 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,646 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,072 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,643)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,529 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838,734 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,557 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,149 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109,615)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814,825 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; 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="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current + Non- current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Nature</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Additions</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Accrued charges</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net utilization of reversal</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,619 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,651 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19,175)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66,095 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Social security</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,293 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,641 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72,934 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Labor</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388,763 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,589 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,247 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62,836)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381,763 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Civil </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103,087 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,022 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,505 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,714)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106,900 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,536 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,527)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,263 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656,298 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,663 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,246 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94,252)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629,955 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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. Only proceedings for which the risk is classified as probable loss are accrued. This provision includes tax liabilities resulting from lawsuits filed by the Company, subject to SELIC (Special System for Settlement and Custody) interest rates.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 65</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -0.25in"><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: 0in 0in 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: 0in 0in 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 at December 31, 2015 and at June 30, 2016. The increase in the carrying amounts substantially reflects the monetary update.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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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<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Income tax / Social contribution - Assessment Notice and imposition of fine (AIIM) - Capital gain for an alleged sale of the shares of its subsidiary NAMISA (note 29).</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,060,222</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,743,501</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Income tax / Social contribution - Assessment Notice and imposition of fine (AIIM) &nbsp;- Dissallowance of deductions of goodwill generated in the reverse incorporation of Big Jump by Namisa (note 29).</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,348,457</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,250,833</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution - gloss&nbsp; of interest on prepayment arising from supply contracts of iron ore and port services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,156,764</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,105,793</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax foreclosures - ICMS - Electricity credits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">831,640</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">785,043</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Installments MP 470 - alleged insufficiency of tax losses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">618,021</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">587,205</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Offset of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e IPI</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,432,359</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,015,355</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Income tax / Social contribution - Assessment Notice and imposition of fine (AIIM) - profits from foreign subsidiaries years 2008, 2010 and 2011 (1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,578,471</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">832,183</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Disallowance of the ICMS credits - Transfer of iron ore</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">542,356</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">516,581</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Disallowance of the ICMS credits - ICMS - acquisition of subsidiary (*)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">277,389</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">265,033</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">252,112</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Disallowance of the tax losses arising on adjustments to the SAPLI</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">430,964</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">409,323</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assessment Notice - ICMS - shipping and return merchandise for Industrialization</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">572,991</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">541,338</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assessment Notice- Income tax- Capital Gain of CFM vendors located outside</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">177,108</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">170,835</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other tax (federal, state, and municipal) lawsuits.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,787,313</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,537,626</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Social security lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">302,786</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">289,923</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Law suit applied by Brazilian antitrust authorities (CADE)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">94,659</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">70,423</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other civil lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">755,628</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">763,576</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Labor and social security lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,111,944</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,032,678</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">342,375</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">359,046</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">23,409,091</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">21,540,763</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif><BR>(*) 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 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%">(1) The increase is due to an assessment notice received in June 2016, related to the profits from foreign subsidiaries in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The assessments made by the legal counsel define these administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 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>Environmental lawsuits</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; 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: 0in 0in 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: 0in 0in 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: 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>

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<P style="TEXT-ALIGN: right">Page 66</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<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><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>PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS</FONT></B>

<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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The information related to </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>environmental liabilities and asset retirement obligation </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>has not changed significantly compared to the disclosed in the Company's financial statements as of December 31, 2015.</FONT></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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=arial,sans-serif>The carrying amount of the provision for environmental liabilities and asset retirement obligation (ARO) are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">253,862 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">262,290 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">249,486 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">259,115 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Asset retirement obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">70,163 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">66,641 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">324,025 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">328,931 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">249,486 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">259,115 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 116%" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 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 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>17.</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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>The information regarding the related party transactions has not changed significantly compared to the disclosed in the Company's financial statements as of December 31, 2015.</FONT></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>17.a) Transactions with holding companies</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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>After payment of dividends in 2015 amounting to R$306,139, there were no transactions with holding companies.</FONT></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>17.b) Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties </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 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</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="59%" colSpan=9><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Non-current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade receivables (note 5)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">82,602 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 61,366 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 82,602 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 61,366 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends receivable (note 5)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,902 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 27,817 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,902 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">27,817 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Actuarial asset (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">99,580 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 114,433 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">99,580 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">114,433 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Financial investments/ investments </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">161,084 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">161,084 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">400,053 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 373,214 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">400,053 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">373,214 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other receivables (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,209 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,420 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">32,770 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,020 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">41,979 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">38,440 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 279,797 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 98,603 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 532,403 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 516,667 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 812,200 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 615,270 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other payables (</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><FONT>Note 13</FONT></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,270 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,798 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,270 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">6,798 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">112,863 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 67,443 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">112,863 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">67,443 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Actuarial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,294 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 25,294 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,294 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,294 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 120,133 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 74,241 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 25,294 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 25,294 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 145,427 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 99,535 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">P&amp;L</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">354,660 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 382,528 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Interest (Note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">27,474 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 32,119 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Purchases</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(517,964)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(559,208)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Interest (Note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(256,087)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; (135,830)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(400,648)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 67</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><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; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>By company </FONT></B>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="82%" colSpan=19>

   <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></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

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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>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>P&amp;L</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="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>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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>Sales</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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>Purchases</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Finance income (costs), net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-venture and Joint-operation</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(16,097)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(16,097)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CGPAR Constru&#231;&#227;o Pesada S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,301 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,301 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 18,038 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 18,038 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39,930)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39,930)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 26,199 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 26,199 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 54,829 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 54,829 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (418,820)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (418,820)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e Infraestrutura</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 5,298 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 5,298 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 10,192 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 10,192 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 9 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,603)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,594)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transnordestina Log&#237;stica S.A (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 381,932 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;381,932 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 33,610 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 33,610 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 2,312 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 25,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 27,725 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 32,798 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 381,932 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 414,730 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 119,321 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 119,321 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 2,321 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (509,450)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 25,413 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (481,716)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBS Previd&#234;ncia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 99,580 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 99,580 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,294 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 25,294 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 77 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 77 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Banco Fibra</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,084 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,084 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 636 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 636 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 509 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 509 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 17,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (5,338)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 11,689 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 83,892 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 3,750 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 87,642 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320,845 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320,845 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (3,176)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3,176)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Partifib Projetos Imobili&#225;rios</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>193 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>193 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,099 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,099 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246,999 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 103,330 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 350,329 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 586 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 25,294 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 25,880 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 338,971 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (8,514)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 636 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 331,093 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 47,141 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 47,141 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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;226 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 226 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 13,368 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 1,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 14,793 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total at 06/30/2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279,797 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 532,403 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 812,200 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 120,133 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 25,294 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 145,427 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 354,660 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (517,964)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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; 27,474 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (135,830)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total at 12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>98,603 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>516,667 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>615,270 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>74,241 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,294 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>99,535 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>725,285 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,103,428)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>63,751 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(314,392)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total at 06/30/2015</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>382,528 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(559,208)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(223,968)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(400,648)</FONT></B></P></TD></TR></TABLE></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: line; LINE-HEIGHT: 116%" face=arial,sans-serif><BR><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Arial">1. Transnordestina Log&#237;stica S.A: Refers mainly to contracts in R$: interest equivalent to 108.0% and 102.0% of CDI with final maturity in June 2017. As of June 30, 2016, the borrowings carrying amounts totaled to R$381,932 (R$222,727 as of December 31, 2015).</FONT></FONT></P>

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<P style="TEXT-ALIGN: right">Page 68</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; TEXT-INDENT: 18.05pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; Parent Company</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade receivables (1) (note 5)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">933,505 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,140,172 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">933,505 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,140,172 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends receivable (note 5)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">730,062 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; &nbsp;737,668 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 730,062 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">737,668 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Actuarial asset (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">101,305 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,660 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">101,305 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">112,660 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">257,480 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239,930 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">257,480 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">239,930 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Short-term investments / Investments (2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,220,999 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;1,412,428 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">46,961 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,078 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,267,960 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,440,506 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Exclusive funds (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 110,075 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">110,075 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Ohter receivables (3) (note 7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">54,737 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 32,479 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">328,393 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303,441 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">383,130 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">335,920 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,939,303 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,432,822 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">734,139 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">684,109 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,673,442 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,116,931 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Borrowings and financing</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; Prepayment (note 11)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">70,371 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 85,987 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,803,068 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 5,843,050 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,873,439 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">5,929,037 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; Fixed Rate Notes and Intercompany Bonds (note 11)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">26,634 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; 32,402 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,334,373 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 4,056,347 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,361,007 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4,088,749 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; Intercompany Loans (note 11)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,051,237 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 1,261,861 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,757,871 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; 2,137,040 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,809,108 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">3,398,901 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 12pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,148,242 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,380,250 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">9,895,312 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,036,437 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">11,043,554 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">13,416,687 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other payables (Note 13)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">127,141 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp; 110,090 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">79,785 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118,653 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">206,926 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">228,743 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Advances from customers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">16 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">16 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">16 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Exclusive funds (2) (note 13)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;25,387 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,387 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">152,787 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">153,559 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">152,787 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">153,559 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Actuarial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,293 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,293 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,293 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,293 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">279,944 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">289,052 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">105,078 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">143,946 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">385,022 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">432,998 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">P&amp;L</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; Sales</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,364,264 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; 2,750,132 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; Interest (note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17,620 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,746 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; Exclusive funds (note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">372,782 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Purchases</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(665,007)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(875,265)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Interest (note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(252,806)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; (713,396)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Foreing exchange and monetary variations, net</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2,186,217 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,315,934)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Exclusive funds (note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(731,130)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,919,158 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">229,065 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; 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; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Accounts receivable derive from sales operations of goods and services between the parent company, subsidiaries and joint ventures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; 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; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Assets:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Financial investments classified as current totaled to R$ 1,220,999 as of June 30, 2016 (R$1,412,428 at December 31, 2015) and the interests in Usiminas, recorded in the exclusive funds and classified as investments available for sale, located in non-current assets, amounted to R$46,961 (R$28,078 as of December 31, 2015). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Current:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Refers mainly to assignment of tax loss credits of income tax and social contribution, related to Metallurgical Prada companies, FTL (Ferrovia Transnordestina Logistica) and MMSA (Companhia de Embalagens Met&#225;licas). </FONT><BR><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif><BR>Non-current:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Refers mainly to advances for future capital increases, dividends to be received and receivables from acquisition of debentures.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><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: right">Page 69</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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 </FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="83%" colSpan=21>

   <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></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</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>P&amp;L</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</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>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

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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>Non-current</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>Total</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>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

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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>Non-current</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>Total</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>Sales</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: 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>Purchases</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="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>Finance income (costs), net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="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>Exchange rates, net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="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>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 50 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 50 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 23,904 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (136)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (128)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 23,640 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Metal&#250;rgica Prada (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>222,697 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>121,336 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>344,033 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,944 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>196 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,140 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>485,731 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52,168)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433,563 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,063 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,034 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (5,128)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (5,076)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>10,574 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>83,764 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>94,338 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,919 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,919 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,937)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,938)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Min&#233;rios Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,196 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,196 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 17 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Minera&#231;&#227;o S.A (2)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>733,916 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>733,916 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>31,555 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>31,555 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>308 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (261,677)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (261,369)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,873 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,873 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (118,503)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(653)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (119,156)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Ferrovia Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,123 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>33,786 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>36,909 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>79,589 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>79,589 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(6,537)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(6,533)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional, LLC (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>432,985 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>432,985 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>123,936 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>123,936 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>374,983 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(9,965)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(109,838)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255,180 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>10,861 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>98,604 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>109,465 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,482 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 21,350 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 22,832 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Resources S.A. (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,127,769 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,225,858 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,353,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (218,316)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 1,763,585 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 1,545,269 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lusosider A&#231;os Planos, S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>187,383 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>187,383 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,201 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,201 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>157,381 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(38,895)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118,486 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands XI Corp. (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,027,136 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,027,136 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222,400 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222,400 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Islands XII Corp. (6)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,613 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,457,249 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,466,862 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (33,836)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315,530 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281,694 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>86,465 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>86,465 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (1,355)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 18,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 17,268 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,404 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>44,859 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>50,263 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Companhia Florestal do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,648 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,648 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Stahlwerk Th&#252;ringen GmbH</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,142)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,142)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 1,597,145 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 295,623 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,892,768 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,373,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 9,975,097 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 11,348,818 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 1,042,311 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (490,656)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (259,275)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 2,192,755 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 2,485,135 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Joint-venture e Joint-operation</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>ITA Energ&#233;tica S.A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,063 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,063 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CGPAR Constru&#231;&#227;o Pesada S.A.</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,042 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,042 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,111 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,111 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>38,998 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>38,998 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98,622)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98,622)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e Infraestrutura</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,028 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,028 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>15,436 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>15,436 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>9 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(67,365)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67,356)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>239,359 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>239,359 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>16 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>16 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 16,125 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 16,125 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 35,244 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 239,359 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 274,603 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 54,450 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 54,450 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (165,987)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 16,125 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (149,853)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>CBS Previd&#234;ncia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>101,305 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>101,305 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,293 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,293 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>15 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>15 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (590)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (590)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Banco Fibra</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>16 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>16 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,598)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,598)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>83,892 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,750 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>87,642 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>320,845 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320,845 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (3,176)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (3,176)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Partifib Projetos Imobili&#225;rios</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>193 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>193 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,099 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,099 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 85,931 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 105,055 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 190,986 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 15 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 25,293 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 25,308 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,944 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (8,364)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313,580 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>47,141 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>47,141 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 1,425 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Exclusive Funds</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Diplic, Caixa Vertice, VR1, BB Steel</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,220,983 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>46,961 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,267,944 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (731,129)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (731,129)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total at 06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 2,939,303 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; 734,139 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 3,673,442 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,428,186 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;10,000,390 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; 11,428,576 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 1,364,264 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (665,007)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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; (972,854)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 2,192,755 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp; 1,919,158 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total at 12/31/2015</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,432,822 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>684,109 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,116,931 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,669,302 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,180,383 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,849,685 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,852,639 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,636,308)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(145,389)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(3,780,650)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>290,292 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total at 06/30/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,750,132 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(875,265)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(329,868)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1,315,934)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>229,065 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT><BR><FONT style="FONT-SIZE: 7pt">(1) Companhia Metalurgica Prada refers mainly to accounts receivable and debentures from CBL amounting to R$219,362 and 121,336, respectively, as of June 30, 2016. <BR><BR>(2) CSN Minera&#231;&#227;o: Assets: Refers mainly to dividends declared by Namisa amounting to R$694,080 and posteriorly assumed by CSN Minera&#231;&#227;o due to the merger on December 31, 2015. Liabilities: Account payables related to purchases of iron ore. <BR><BR>(3) Companhia Sider&#250;rgica Nacional, LLC: On June 30, 2016 the carrying amounts of trade accounts receivable totaled R$432,985 (R$682,875 December 31, 2015), they are related to sale of steel to resellers. <BR><BR>(4) CSN Resources SA: Contracts in US dollars of Prepayment Fixed Rate Notes and Intercompany Bonds, the interest rate under this transaction is 9.13% and its maturity date is June 2047. On June 30, 2016, the loans amounted to R$8,353,627 (R$10,146,701 on December 31, 2015). <BR><BR>(5) CSN Islands XI Corp.: Contracts in US dollars, without interest, maturing on August 2017. On June 30 2016, the loans amounted to R$1,027,136 (R$1,249,536 as of December 31, 2015). <BR><BR>(6) CSN Islands XII Corp.: Contracts in US dollars, interest rate of 7.64% and maturing on February 2025. On June 30, 2016, the loans amounted to R$1,466,862 (R$1,784,417 on December 31, 2015).&nbsp;</FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>17.c) Key management personnel </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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 June 30, 2016.</FONT></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>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; Theree months ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">P&amp;L</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&amp;L</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Short-term benefits for employees and officers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">63,136 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,297 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,327 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,506 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Post-employment benefits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63,339 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,414 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,412 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,593 </FONT></B></P></TD></TR></TABLE></DIV>

<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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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 for contracts with executives that were linked to parameters that were achieved in the first quarter 2016.</FONT></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 0.25in; TEXT-INDENT: -0.25in"><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>SHAREHOLDERS' EQUITY</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: 115%" 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: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.a) Paid-in capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 June 30, 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: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.b) Authorized capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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 June 30, 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: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.c) Legal reserve</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt; TEXT-INDENT: 0.5in"><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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.d) Ownership structure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>As of June 30, 2016, the Company&#8217;s ownership structure was as follows:</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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Number of common shares</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">% of total shares</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">% of voting capital</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Number of common shares</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">% of total shares</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">% of voting capital</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Vicunha A&#231;os S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">697,719,990</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">50.29%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">51.41%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">697,719,990</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">50.29%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">51.41%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Rio Iaco Participa&#231;&#245;es S.A. </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">58,193,503</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4.19%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4.29%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">58,193,503</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4.19%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">4.29%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Caixa Beneficente dos Empregados da CSN&nbsp; CBS</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">20,143,031</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1.45%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1.48%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">20,143,031</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1.45%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1.48%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">BNDES Participa&#231;&#245;es S.A. &#8211; BNDESPAR</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,794,890</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0.63%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0.65%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">8,794,890</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0.63%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0.65%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">NYSE (ADRs)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">327,284,764</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">23.59%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24.12%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">336,435,464</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24.25%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">24.79%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">BM&amp;FBovespa</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">244,996,869</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17.66%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">18.05%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">235,846,169</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17.00%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">17.38%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Total shares outstanding</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,357,133,047 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">97.81%</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,357,133,047 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">97.81%</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">100.00%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>30,391,000</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2.19%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>30,391,000</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2.19%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total shares</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,387,524,047 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,387,524,047 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">100.00%</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR></TABLE></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></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"><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="TEXT-ALIGN: right">Page 71</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.e) Treasury shares</FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Program</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Board&#8217;s Authorization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Authorized quantity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Program period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Average buyback price</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Minimum and maximum buyback price</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Number bought back</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Share cancelation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Balance in treasury</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">1&#186;</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">3/13/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 70,205,661 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 3/14/2014 to 4/14/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 9.34 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 9.22 and R$ 9.45</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,350,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,350,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">2&#186;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">4/15/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 67,855,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 4/16/2014 to 5/23/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 8.97 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 8.70 and R$ 9.48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,529,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 11,879,500 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">3&#186;</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">5/23/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 58,326,161 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 5/26/2014 to 6/25/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 9.21 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 8.61 and R$ 9.72</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 31,544,500 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 43,424,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">4&#186;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">6/26/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 26,781,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 6/26/2014 to 7/17/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 10.42 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 9.33 and R$ 11.54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 26,781,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 70,205,661 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7/18/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Not applicable</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Not applicable</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 60,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(1)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 10,205,661 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">5&#186;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7/18/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 64,205,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 7/18/2014 to 8/18/2014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 11.40 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 11.40 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,400 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 10,446,061 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">8/19/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Not applicable</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Not applicable</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 10,446,061 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><SUP><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">(1)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">6&#186;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">8/19/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 63,161,055 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 8/19/2014 to 9/25/2014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 9.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 9.47 and R$ 10.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,791,300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,791,300 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">7&#186;</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">9/29/2014</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 56,369,755 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 9/29/2014 to 2/29/2014 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 7.49 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 4.48 and R$ 9.16</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 21,758,600 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 28,549,900 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">8&#186;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">12/30/2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 34,611,155 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 12/31/2014 to 3/31/2015 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 5.10 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$ 4.90 and R$ 5.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,841,100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 30,391,000 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">9&#186; (*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">03/31/2015</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 32,770,055 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">From 4/01/2015 to 6/30/2015 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" face=arial,sans-serif><BR>(*) There were no share buyback in this program.<BR><BR><FONT lang=EN-US style="LINE-HEIGHT: 116%" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="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></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>As of June 30, 2016, the position of the treasury shares was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Quantity purchased (Units)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Amount paid for the shares</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="46%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&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: 9pt; FONT-FAMILY: arial">Share price</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Market price of the shares on 06/30/2016 (*)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Minimum</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Maximum</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Average</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,391,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><SUP><FONT></FONT></SUP>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">R$ 238,976 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">R$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">R$ 10.07 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">R$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.86 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">R$ 237,658 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>(*) Using the last share quotation on BM&amp;F Bovespa as of June 30, 2016 of R$7.82 per share.</FONT></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>18.f) Policy on investments and payment of interest on capital and dividends&nbsp; </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: 115%" 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: 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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>18.g) Earnings/(loss) per share:</FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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 attributable to the owners of CSN divided by the weighted average number of common shares outstanding during the period, excluding the common shares purchased and held as treasury shares, as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Common Shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Common Shares</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net (Loss)/ Gain of the period </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Attributable to owners of the Company </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(754,338)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(222,212)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">30,853</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(614,268)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Weighted average number of shares</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,357,133,047</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,357,167,255</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,357,133,047</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">1,357,133,047</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Basic and diluted EPS</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0.55583)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0.16373)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">0.02273</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(0.45262)</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The Company does not hold outstanding dilutable potential ordinary shares that could result in dilution of earnings per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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>PAYMENT TO SHAREHOLDERS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=arial,sans-serif>The table below shows the dividends approved and paid for the last years:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Approval Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Payment Year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2014</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2014</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2014</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2014</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424,939 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424,939 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274,917 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274,917 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274,918 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274,918 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total approved</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Total paid</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974,774 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974,774 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="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 0.25in; TEXT-INDENT: -0.25in"><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>NET SALES REVENUE</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"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>Net sales revenue is comprised as follows:</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: 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="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,653,263 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,644,015 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,367,186 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,701,384 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,771,684 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,534,614 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,429,306 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,740,597 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,424,947 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,178,629 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,796,492 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,441,981 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Deductions </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cancelled sales and discounts</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102,587)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153,057)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,807)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes on sales</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,129,211)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,328,180)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (577,607)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (640,248)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,231,798)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,481,237)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (611,414)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (754,841)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,193,149 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,697,392 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,185,078 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,687,140 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,292,415 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,271,493 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,192,875 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,558,445 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960,004 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,990,270 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539,623 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,002,322 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,252,419 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,261,763 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,732,498 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,560,767 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Deductions </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cancelled sales and discounts</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90,985)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132,940)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29,928)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100,974)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes on sales</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (992,120)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,199,944)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510,896)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (588,946)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,083,105)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,332,884)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (540,824)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (689,920)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Net revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,169,314 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,928,879 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,191,674 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,870,847 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><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: right">Page 73</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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>EXPENSES BY NATURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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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<TR style="HEIGHT: 8.5pt">

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Raw materials and inputs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,136,375)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,662,845)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (968,110)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (1,215,622)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Labor cost</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,290,751)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (881,269)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (664,542)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453,190)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Supplies</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (733,689)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526,761)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (403,640)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265,501)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Maintenance cost (services and materials)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(651,244)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (493,757)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358,538)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252,623)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Outsourcing services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,758,476)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,501,228)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (965,281)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (780,064)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation, amortization and depletion (note 9 a)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(614,088)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (543,178)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (304,252)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (278,680)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268,987)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95,506)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96,689)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,656)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,453,610)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,704,544)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,761,052)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (3,268,336)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Classified as:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost of sales</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,344,665)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,872,628)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,262,639)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (2,847,095)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (844,604)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612,174)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (394,183)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (311,344)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264,341)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219,742)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104,230)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109,897)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,453,610)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,704,544)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,761,052)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (3,268,336)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Raw materials and inputs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,533,676)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,684,969)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (750,204)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (842,206)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Labor cost</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (724,201)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (731,283)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (370,501)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374,119)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Supplies</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (518,872)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513,235)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (291,063)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (259,965)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Maintenance cost (services and materials)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(390,349)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (480,504) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221,246)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (245,490)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Outsourcing services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (523,290)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (980,921)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287,935)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530,062)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation, amortization and depletion (note 9 a)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(275,222)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424,556)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139,697)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (218,227)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Others</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81,308)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111,333)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55,983)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36,818)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,046,918)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,926,801)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,116,629)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (2,506,887)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Classified as:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost of sales</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,545,062)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (4,457,281)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,906,666)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (2,267,849)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306,229)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (294,150)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137,596)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148,232)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195,627)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175,370)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72,367)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90,806)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.05pt"><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,046,918)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,926,801)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,116,629)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp; (2,506,887)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 74</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>22.</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>OTHER OPERATING INCOME (EXPENSES)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Indemnities/gains on lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,960 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,068 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,284 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,340 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Rentals and leases</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,103 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,103 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 7.35pt 0pt 0in; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other revenues</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,480 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,760 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,212 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,811 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,018 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,524 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,746 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,562 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other operating expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&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: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&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></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes and fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(90,299)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(13,266)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(79,497)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,399)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Write-off/(Provision) of judicial deposits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(17,165)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(555)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (503)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision for environmental risks</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (545)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,663 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (813)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision for tax, social security, labor, civil and environmental risks, net of reversals</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(72,394)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (214,783)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30,125)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67,250)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation of unused equipment and amortization of intangible assets (note 9 a)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(23,304)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,477)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,196)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,473)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Write- off of PP&amp;E and intangible assets (notes 9 and 10) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(26,988)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,553)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,022)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Estimated (losses)/reversals in inventory (note 6) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,344 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(6,414)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;(2,275)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,517)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Losses on spare parts </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,473)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,093)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (894)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,527)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Studies and project engineering expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(13,245)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,991)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,514)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,504)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Research and development expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,168)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,622)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (871)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Healthcare plan expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,913)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29,869)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,824)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,907)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Impairment of available for sale financial assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(97,851)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&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: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,434)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Other expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57,609)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,266)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,700)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,812)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (331,759)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455,077)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182,927)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235,578)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Other operating income (expenses), net </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(297,741)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (436,553)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171,181)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (223,016)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Indemnities/gains on lawsuits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,573 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,780 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,162 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Rentals and leases</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,103 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,103 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other revenues</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,447 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,815 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,996 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,570 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,269 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,730 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,547 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other operating expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes and fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,102)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,332)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,406)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (506)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Write-off/(Provision) of judicial deposits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(17,171)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (502)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision for environmental risks</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,663 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,083 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (813)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Provision for tax, social security, labor, civil and environmental risks, net of reversals</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(67,158)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204,629)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,722)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59,846)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Write- off of PP&amp;E and intangible assets (notes 9 and 10)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(20,729)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,907)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,140)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Estimated (losses)/reversals in inventory (note 6) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 9pt; FONT-FAMILY: arial">(412)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,440)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,066 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,047)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Losses on spare parts</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,081)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,093)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (894)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,527)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Studies and project engineering expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,457)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,824)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,886)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,463)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Research and development expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,168)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,622)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (871)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Healthcare plan expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,915)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29,869)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,825)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,907)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Impairment of available-for-sale financial assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(97,851)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&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: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,434)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,022)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,224)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19,720)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 6pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,946)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189,469)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (406,687)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86,927)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204,927)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;Other operating income (expenses), net </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(184,899)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (394,418)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85,197)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196,380)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: right">Page 75</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>23.</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>FINANCE INCOME (EXPENSES)</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></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: 9pt; FONT-FAMILY: arial">&nbsp;Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Restated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Related parties (note 17 b)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,474 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,119 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,561 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,032 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Income from short-term investments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">138,567 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,828 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,124 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,488 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Gain from derivative </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Repurchase of debt securities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">156,329</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">12,552</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Other income </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61,513 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,728 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,492 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,373 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383,883 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99,613 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,729 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,477 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Finance expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Borrowings and financing - foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(487,884)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (417,030)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230,051)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199,301)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Borrowings and financing - local currency</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,108,724)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (981,328)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (561,249)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (509,724)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Related parties (note 17 b)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (256,087)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117,662)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Capitalized interest (notes 9 and 27)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110,875 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,483 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,214 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,158 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Losses on derivatives </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,596)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,117)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Interest, fines and late payment charges</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(20,188)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,644)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,174)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,630)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Commissions and bank charges</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(68,691)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(40,203)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(45,734)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(19,329)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>PIS/COFINS over financial income</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(25,265)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,535)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other finance expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(47,037)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28,137)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(14,894)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,344)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,647,276)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,668,542)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (825,423)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (807,949)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Inflation adjustment and exchange differences, net</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Inflation adjustments, net</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16,183)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,476 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,043)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,209 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Exchange rates, net</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993,137 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (433,513)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621,555 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,601 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Exchange gain/(losses) on derivatives </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(807,519)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353,571 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118,837)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(129,033)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169,435 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72,466)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487,675 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,223)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income (expenses), net</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,093,958)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,641,395)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197,019)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (771,695)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Statement of gains and (losses) on derivative transactions</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar-to-CDI swap</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar- to- real NDF</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316,805 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119,795)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Future dollar BM&amp;F</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (800,621)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119,445)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar- to- euro NDF</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,668 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,214 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Dollar - to- euro swap</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,898)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,884)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,452)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (807,519)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353,571 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118,837)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129,033)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed rate- to- CDI swap</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 9pt; FONT-FAMILY: arial">(299)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,596)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,117)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">CDI -to- fixed rate swap</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 9pt; FONT-FAMILY: arial">(63)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#ff0000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,658)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,533)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (807,881)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350,913 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118,837)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130,566)</FONT></B></P></TD></TR></TABLE></DIV>

<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="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Six months ended</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Three months ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Related parties (note 17 b)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,620 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383,528 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,121 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101,584)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Income from short-term investments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">35,849 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,919 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,986 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,679 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other income</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,202 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,609 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,135 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,268 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86,671 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407,056 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,242 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87,637)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Borrowings and financing - foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(114,687)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86,020)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54,608)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39,941)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Borrowings and financing - local currency</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(952,550)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (846,509)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (482,287)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (439,784)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Related parties (note 17 b)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (983,936)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (713,396)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205,886)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (326,482)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Capitalized interest (notes 9 and 27)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,942 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,483 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,212 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,158 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Interest, fines and late payment charges</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(7,196)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,464)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,563)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (457)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Commissions and bank charges</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(64,185)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(32,333)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(43,327)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(16,725)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>PIS/COFINS over financial income</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(19,676)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,359)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other finance expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(29,270)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(25,303)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(6,309)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,235)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,108,558)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,641,542)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (779,127)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (778,466)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Inflation adjustment and exchange differences, net</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Inflation adjustments, net</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,694)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,861)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,914)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,321)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Exchange rates, net</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,145,066 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,341,245)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,096,162 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315,187 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,134,372 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,349,106)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,091,248 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310,866 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income (expenses), net</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,485 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,583,592)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380,363 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (555,237)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter77"></a><DIV><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">

<P style="TEXT-ALIGN: right">Page 76</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>24.</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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" face=arial,sans-serif>The segment information has not changed compared to the disclosed in the Company's financial statements as of December 31, 2015, therefore, the management decided not to repeat them in these condensed interim financial information.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Six months ended</FONT></B></P></TD></TR>

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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>06/30/2016</FONT></B></P></TD></TR>

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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>P&amp;L</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>Steel</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>Mining&nbsp;</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>Logistics</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>Energy</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>Cement</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>Corporate expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>elimination</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>Consolidated</FONT></B></P></TD></TR>

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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>Port</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>Railroads</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Metric Tons (Thou.)(*)</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="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; 2,498,700 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 17,562,229 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,165,822 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp; (1,741,423)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 3,107,517 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 228,360 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 95,114 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 640,503 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,069 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223,107 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (926,357)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,502,313 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,579,441 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,729,237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382,158 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,690,836 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total net revenue (note 20)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 5,686,958 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,957,597 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 95,114 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 640,503 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 134,069 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 223,107 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (544,199)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,193,149 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,758,814)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (1,492,028)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (70,194)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (440,972)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98,959)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (203,435)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719,737 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (6,344,665)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 928,144 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 465,569 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 24,920 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 199,531 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 35,110 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 19,672 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 175,538 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,848,484 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (469,297)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (36,571)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (11,610)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (50,402)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,979)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,726)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (494,360)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (1,108,945)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 330,708 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 219,332 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 6,619 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 112,155 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 8,559 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 30,244 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93,529)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 614,088 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>233,686 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 233,686 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 789,555 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 648,330 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 19,929 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 261,284 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 31,690 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 15,190 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (178,665)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,587,313 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 28,200 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,439,498 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382,158 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,849,856 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,088,419 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,088,419 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 142,499 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 142,499 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,305,806 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 203,955 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,509,761 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 14,517 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 85,784 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 100,301 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,579,441 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,729,237 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 382,158 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,690,836 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 3,107,517 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 228,360 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 95,114 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 640,503 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 134,069 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 223,107 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (926,357)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,502,313 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 5,686,958 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,957,597 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 95,114 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 640,503 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 134,069 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 223,107 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (544,199)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,193,149 </FONT></B></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: 0in 0in 0pt"></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: line; LINE-HEIGHT: 116%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Three months ended</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>P&amp;L</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Mining&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Corporate expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>elimination</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroads</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Metric tons (thou)(*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,252,565 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 9,267,136 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594,385 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (694,698)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,607,150 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 77,287 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 44,691 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 337,362 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 65,920 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,903 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (451,077)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,790,236 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,270,667 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 938,754 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185,421 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,394,842 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total net revenue (note 20)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,877,817 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,016,041 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 44,691 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 337,362 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 65,920 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 108,903 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (265,656)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,185,078 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,458,907)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (742,643)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (34,153)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;(226,601)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47,845)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (102,243)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349,753 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (3,262,639)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 418,910 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 273,398 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 10,538 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 110,761 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 18,075 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 6,660 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 84,097 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 922,439 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (213,979)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (12,815)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (3,332)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (26,521)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (6,033)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,069)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (218,664)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498,413)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 164,480 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 104,898 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 3,326 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 56,460 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 4,279 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 17,432 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46,623)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 304,252 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>126,367 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 126,367 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 369,411 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 365,481 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 10,532 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 140,700 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 16,321 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 7,023 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (54,823)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 854,645 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 23,531 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 773,628 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185,421 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 982,580 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 507,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 507,242 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 76,455 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 76,455 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 653,847 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 138,992 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 792,839 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 9,592 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 26,134 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 35,726 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,270,667 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 938,754 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 185,421 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,394,842 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,607,150 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 77,287 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 44,691 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 337,362 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 65,920 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 108,903 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (451,077)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,790,236 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,877,817 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,016,041 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 44,691 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 337,362 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 65,920 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 108,903 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (265,656)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,185,078 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif><BR>(*)&nbsp;The&nbsp;iron ore&nbsp;volumes (Mining segment) presented in this note&nbsp;considered&nbsp;the company's&nbsp;sales&nbsp;and sales from its subsidiaries&nbsp;and jointly ventures. (In 2015, considers 60% interest in Namisa).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></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>Six months ended</FONT></B></P></TD></TR>

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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>06/30/2015</FONT></B></P></TD></TR>

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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>P&amp;L</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>Steel</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>Mining&nbsp;</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>Logistics</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>Energy</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>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Corporate expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>elimination</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroads</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Metric Tons (Thou.)(*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,668,458 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 10,760,664 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,097,641 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 3,745,469 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 72,841 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 90,193 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 531,036 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,047 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,959 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (561,246)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,218,299 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,141,649 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,265,412 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 72,032 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,479,093 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total net revenue (note 20)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 5,887,118 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,338,253 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 90,193 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 531,036 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 124,047 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 215,959 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (489,214)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,697,392 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(4,590,040)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (1,101,023)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (62,603)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (378,885)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(94,997)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (141,935)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496,855 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (5,872,628)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,297,078 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 237,230 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 27,590 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 152,151 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 29,050 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 74,024 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 7,641 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,824,764 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (438,966)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (30,870)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (11,592)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (43,980)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,180)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,437)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (261,891)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (831,916)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 325,108 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 177,357 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 6,345 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 91,001 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 8,517 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 19,573 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84,723)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 543,178 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>176,159 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 176,159 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,183,220 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 383,717 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 22,343 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 199,172 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 26,387 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 60,160 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (162,814)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,712,185 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&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="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 10,612 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,170,513 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 72,032 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,253,157 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 843,749 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 843,749 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 184,371 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 42,730 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 227,101 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,085,129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 52,169 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,137,298 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 17,788 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 17,788 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,141,649 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,265,412 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 72,032 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,479,093 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 3,745,469 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 72,841 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 90,193 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 531,036 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 124,047 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 215,959 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (561,246)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,218,299 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 5,887,118 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,338,253 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 90,193 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 531,036 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 124,047 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 215,959 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (489,214)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,697,392 </FONT></B></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: 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">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Three months ended</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>06/30/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Mining&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Corporate expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>elimination</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Railroads</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Metric Tons (Thou.)(*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,261,151 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;5,567,087 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578,767 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,734,153 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 35,040 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 43,346 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 279,863 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 60,356 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115,328 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (290,568)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,977,518 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,029,858 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 645,432 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 34,332 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,709,622 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total net revenue (note 20)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,764,011 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 680,472 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 43,346 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 279,863 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 60,356 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 115,328 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (256,236)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,687,140 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(2,224,484)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (534,322)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (32,033)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;(198,553)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48,048)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75,406)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265,751 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; (2,847,095)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 539,527 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 146,150 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 11,313 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 81,310 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 12,308 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 39,922 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 9,515 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 840,045 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (207,308)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (9,773)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (5,470)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (21,014)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (5,637)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,184)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (153,855)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (421,241)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 167,511 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 91,309 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 3,170 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 46,288 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 4,275 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 10,184 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44,057)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 278,680 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>103,550 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 103,550 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 499,730 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 227,686 </FONT></B></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="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 9,013 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 106,584 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 10,946 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 31,922 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; (84,847)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 801,034 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&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="8%" align=right>

   <P style="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 8,602 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 629,499 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 34,332 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 672,433 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 362,355 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 362,355 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 103,623 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 103,623 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 549,234 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 15,933 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 565,167 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 6,044 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 6,044 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,029,858 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;645,432 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 34,332 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,709,622 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 1,734,153 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 35,040 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 43,346 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 279,863 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 60,356 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 115,328 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (290,568)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>

   <P style="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="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,977,518 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 2,764,011 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 680,472 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 43,346 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 279,863 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 60,356 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="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; 115,328 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (256,236)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,687,140 </FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif><BR>(*) The iron ore volumes (Mining segment) presented in this note considered the company's sales and sales from its subsidiaries and jointly ventures. (In 2015, considers 60% interest in Namisa).</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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, and other operating income (expenses), plus the proportionate EBITDA of joint ventures. </FONT></P>

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<P style="TEXT-ALIGN: right">Page 78</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" 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: 0in 0in 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: 0in 0in 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>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Six months ended</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Three months ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Restated</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT color=#000000></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: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2016</FONT></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>Restated</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>06/30/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">(Loss)/Profit for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(730,574)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (222,791)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,123</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (614,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation, amortization and depletion (note 9 a)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>614,088 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543,178 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304,252 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278,680 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Income tax and social contribution (note 14)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>141,821 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507,653)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,131 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,136)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Finance income (expenses) (note 23)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,093,958 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,641,395 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197,019 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771,695 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">EBITDA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,119,293 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,454,129 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575,525 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430,646 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Other operating income (expenses) (note 22)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>297,741 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436,553 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171,181 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223,016 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Equity in results of affiliated companies</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>(63,407)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354,656)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,428)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,822 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>233,686 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176,159 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126,367 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial" color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103,550 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjusted EBITDA (*)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,587,313 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,712,185 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854,645 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT color=#000000></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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801,034 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face=arial,sans-serif><BR>(*) 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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>GUARANTEES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 116%" 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: 0in 0in 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: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" 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="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Maturities </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Borrowings </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Tax foreclosure </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total</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="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Transnordestina Log&#237;sitca</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Up to 09/19/2056 and indefinite </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 2,544,600 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 2,544,600 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,007 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,559 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,86<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT> </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,991 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 2,572,473 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 2,590,150 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">FTL - Ferrovia Transnordestina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">11/15/2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&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: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,150 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Sepetiba Tecon</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Indefinite </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,914 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,914 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Cia Metalurgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Up to 02/10/2016 and indefinite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,673 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,673 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">CSN Energia</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Indefinite</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,829 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,829 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,829 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,829 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">09/22/2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 2,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 2,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 2,002,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 2,000,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Indefinite</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,003 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,003 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,003 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,003 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total in R$</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="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 4,627,303 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 4,639,303 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,169 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,721 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,640 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,781 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 4,709,112 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 4,707,805 </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="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">CSN Islands XI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">09/21/2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">CSN Islands XII</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">US$</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Perpetual</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">CSN Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">07/21/2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 1,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 1,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,200,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total in US$</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="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 2,950,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 2,950,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 2,950,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 2,950,000 </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="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">CSN Steel S.L.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">1/31/2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Lusosider A&#231;os Planos</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">EUR</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Indefinite</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total in EUR</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145,000 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">Total in R$</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal"></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 9,982,413 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;12,135,468 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp; 9,982,413 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></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="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp; 12,135,468 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;14,609,716 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;16,774,771 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,169 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,640 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,781 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 14,691,525 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial; LINE-HEIGHT: normal">&nbsp;&nbsp;&nbsp; 16,843,273 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 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>

<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>

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<P style="TEXT-ALIGN: right">Page 79</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>26.</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: 0in 0in 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: 0in 0in 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, warranty and Port Operator&#8217;s Civil Liability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 116%" face=Arial,sans-serif>In 2015, after negotiation with insurers and reinsurers in Brazil and abroad, an insurance policy was issued for the contracting of a policy of Operational Risk of Property Damages and Loss of Profits, with effect from September 30, 2015 to September 30, 2016. Under the insurance policy, the LMI (Maximum Limit of Indemnity) is US$600 million and covers the following units and subsidiaries of the Company: Presidente Vargas steelworks, CSN Minera&#231;&#227;o, Sepetiba Tecon, and CSN Mining. CSN takes responsibility for a range of retention of US$375 million in excess of the deductibles for property damages and loss of profits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: 0in 0in 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: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><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: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>ADDITIONAL INFORMATION TO CASH FLOWS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 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: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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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<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp; Parent Company</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 1.8pt; TEXT-INDENT: -1.8pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">06/30/2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Income tax and social contribution paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">25,943 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,094 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,075 </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Addition to PP&amp;E with interest capitalization (notes 9 and 23)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">110,875 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,483 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,942 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,483 </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Acquisition of fixed assets without adding cash</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">7,437 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">Subsidiary capitalization from granted loan</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">10,828 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&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></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144,255 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204,577 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,770 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190,558 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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: 0in 0in 0pt"></P>

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<P style="TEXT-ALIGN: right">Page 80</P></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR clear=all></FONT><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>28.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>COMPREHENSIVE INCOME STATEMENT</FONT></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>&nbsp;&nbsp;</FONT></B></P>

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<TR>

   <TD style="WIDTH: 22%">&nbsp; </TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%">&nbsp;</TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%">&nbsp;</TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%">&nbsp;</TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD style="WIDTH: 8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="2%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="2%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="2%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Consolidated</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="2%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="2%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Parent Company</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Six months ended</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Three months ended</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Six months ended</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Three months ended</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/31/2016</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial"><BR><B><FONT style="FONT-SIZE: 8pt">Restated</FONT></B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/30/2015</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/31/2016</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial"><BR><B><FONT style="FONT-SIZE: 8pt">Restated</FONT></B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/30/2015</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/31/2016</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial"><BR><B><FONT style="FONT-SIZE: 8pt">Restated</FONT></B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/30/2015</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/31/2016</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial"><BR><B><FONT style="FONT-SIZE: 8pt">Restated</FONT></B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">06/30/2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(Loss)/ Profit for the period</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(730,574)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #ddebf7; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(222,791)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">46,123</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(614,593)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(754,338)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(222,212)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">30,853</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(614,268)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Other comprehensive income</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 5.52pt" width="22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Items that will not be subsequently reclassified to the</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;<STRONG><FONT style="FONT-SIZE: 8pt">statement of income</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Actuarial (loss) gain the defined benefit plan from investments in</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">114</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">29</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">114</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(96)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">29</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(221)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">subsidiaries, net of taxes</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Actuarial (losses)/gains on defined benefit pension plan</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">202</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">348</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">348</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Income tax and social contribution on actuarial (losses)/gains on</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;<FONT style="FONT-SIZE: 8pt">defined benefit pension plan</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(68)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">9</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(118)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(118)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">114</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">134</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">29</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">9</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">114</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">134</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">29</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="WIDTH: 8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">9</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 5.52pt" width="22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Items that could be subsequently reclassified to the</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.52pt" width="22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">statement of income</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Cumulative translation adjustments for the period</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(460,092)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">168,956</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(278,981)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(7,815)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(460,092)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">168,956</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(278,981)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(7,815)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.68pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Assets available for sale</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">127,853</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(29,287)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">95,500</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(677,690)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">127,853</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">2,254</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">95,500</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(594,881)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Income taxes and social contribution available for sale assets</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">9,957</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">195,552</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(767)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">202,259</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Available for sale assets from investments in subsidiaries, net of taxes</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(20,817)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(89,516)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Impairment on available for sale assets</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">97,851</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">89,434</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">97,851</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">89,434</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Income taxes and social contribution on impairment of available for sale assets</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(33,269)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(30,407)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(33,269)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(30,407)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 10.68pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(Loss) / gain on the percentage change in investments</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">584</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(43)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">584</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(43)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">584</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(43)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">584</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(43)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.68pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(Loss)/gain on cash flow hedge accounting</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">1,072,884</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(345,960)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">538,461</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">81,685</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">1,072,884</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(345,960)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">538,461</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="WIDTH: 8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">81,685</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Income tax and social contribution on (loss)/gain on cash flow</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">117,626</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(27,773)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">117,626</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(27,773)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">hedge accounting</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 10.203pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Realization of cash flow hedge accounting reclassified to</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">20,523</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">7,826</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">20,523</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">7,826</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">income statements</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7; TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(Loss)/gain on investments hedge of investments in subsidiaries</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">68,064</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">49,200</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9pt" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(Loss)/gain on foreing investment hedge</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">68,064</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">49,200</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">829,816</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(14,169)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">412,590</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(377,057)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">829,816</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(14,169)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">412,590</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(377,057)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">829,930</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(14,035)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">412,619</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(377,048)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">829,930</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(14,035)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">412,619</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(377,048)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Total compreensive income for period</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">99,356</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(236,826)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">458,742</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(991,641)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">75,592</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(236,247)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">443,472</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(991,316)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Attributable to:</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="WIDTH: 8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Participation of controlling interest</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">75,592</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(236,247)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">443,472</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(991,316)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">75,592</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(236,247)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">443,472</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(991,316)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Participation of non - controlling interest</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">23,764</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(579)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">15,270</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(325)</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=right><FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ddebf7" width="22%" align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">99,356</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(236,826)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">458,742</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(991,641)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">75,592</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(236,247)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">443,472</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #ddebf7" width="2%" align=right><B><FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ddebf7" width="8%" align=right><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(991,316)</FONT></B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">&nbsp;</FONT></TD></TR></TABLE>

<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="MARGIN: 0in 0in 0pt">&nbsp;</P><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>29.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 116%" face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></DIV></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; Metalic Discontinued Operations</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In August 2016, the Company concluded the negotiation and signed an agreement with Can-Pack S.A. to sell 100% shares of its subsidiary Cia. Metalic do Nordeste (&#8220;Metalic&#8221;), the Company that produces and sells metal packaging. The sale was concluded on November 30,2016 and the transaction&#8217;s base value was US$98 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; CGPAR business combination</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>On September 30, 2016 the Company acquired the remaining 50% of equity interest of its joint-venture CGPAR. Under this acquisition, the Company acquired the majority control of CGPAR&#8211; Constru&#231;&#227;o Pesada S.A (&#8220;CGPAR&#8221;).</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; Possible Proceedings </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><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: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><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 development of Proceeding No. 19515.723039/2012-79 </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -21.3pt"><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; </FONT><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, see note 15.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><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 development of Proceeding No. 19515.723053/2012-72</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: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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 15.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&#8226; Cautionary decision &#8211; TCU &#8211; Transnordestina Logistica</FONT></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Brazilian Court of Auditors (&#8220;TCU&#8221;) issued a cautionary decision in May 2016 referred to the action TC 012.179/2016 by which it prohibited new transfers of Government funds to TLSA to be made 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. After TLSA appeal against the cautionary decision and further details to have been provided, in June 2016 the preliminary injunction given by TCU was unanimously revoked by the Court and the continuity of the transfer of funds was re-established.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><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: 0in 0in 0pt; TEXT-INDENT: 0in"><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: 0in 0in 0pt; TEXT-INDENT: 0in"><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: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>There is an administrative procedure before the Transportation National Agency (&#8220;ANTT&#8221;), that assesses the regular fulfilling by the grantee FTL of the obligations contained in the Concession Agreement. By an unilateral assessment, ANTT considered that FTL was not compliant with the Term of Conduct Adjustment (&#8220;TAC&#8221;) signed in 2013 alleging that FTL had not fulfilled the 2013 production plan. ANTT decided to set up an administrative proceedings to investigate the supposed unfulfillment of the concession agreement and, in the case of confirming irregularities, may apply several penalties, including the early termination of the concession agreement. The grantee filed its defense against the administrative proceedings and currently no new decisions have been taken.</FONT></P>

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<P style="MARGIN: 0in 0in 0in 14.2pt; TEXT-INDENT: -14.2pt"><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><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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Considering the mentioning of a Company&#8217;s officer in an article disclosed by the press, based on testimonials made before the Court, the Audit Committee decided to hire a specialized forensic service to conduct an external and independent investigation of the contractual relationship related to the construction of CSN&#8217;s Long Steel Plant (contract in which there would have been alleged improper payments, as bonus, as reimbursement of payments made to political parties supposedly requested by such officer) and to analyze the extent of the commercial relationship between contractor . The conclusion of the investigation is that nothing in the testimonials referred to above was confirmed, there being no contingencies arising from the matters investigated. Consequently, understands the Company that at this moment there is no basis to justify the setting up of a provision for losses or the disclosure of a contingency.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION</FONT></U></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">To the Board of Directors and Shareholders of</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><U><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">S&#227;o Paulo - SP</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Introduction </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">We have reviewed the accompanying individual and consolidated interim financial information of Companhia Sider&#250;rgica Nacional (&#8220;Company&#8221;), included in the Interim Financial Information Form (ITR), for the quarter ended June 30, 2016, which comprises the balance sheet as at June 30, 2016, and the statement of profit and loss and statement of comprehensive income for the three- and six-month periods then ended, and the statement of changes in equity and statement of cash flows for the six-month period then ended, including the explanatory notes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with CPC 21 (R1) and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Scope of review</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Conclusion on the interim financial information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC&nbsp;21&nbsp;(R1) and IAS&nbsp;34 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission (CVM).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Emphasis of matter</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Restatement of the interim financial information for the six-month period ended June 30, 2016</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">On November 14, 2016, we reissued the review report, without modification, on the Company&#8217;s individual and consolidated interim financial information for the three- and six-month periods ended June 30, 2016. As described in note 2.e), the interim financial information referred to above has been adjusted and is being restated to reflect the impacts arising from the restatement of the financial statements for the year ended December 31, 2015, relating to: (i) the accounting and fair value </FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">measurement adjustments upon the application of technical pronouncement CPC 15 (R1) - Business Combination and international standard IFRS 3 - Business Combination, issued by the IASB, concerning the business combination conducted by subsidiary Congonhas Min&#233;rios S.A. and (ii) the review of the recoverability analysis and adjustments to deferred income tax and social contribution balances. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Continuity as a going concern of the joint venture Transnordestina Log&#237;stica S.A.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">We draw attention to note 8 to the interim financial information, which describes the completion stage of the new railway network of the joint venture Transnordestina Log&#237;stica S.A.&nbsp; (&#8220;TLSA&#8221;), currently under construction, the completion period of which was initially expected for January 2017 and is currently being reviewed and discussed with the relevant governmental agencies.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> The completion of the construction and consequent startup 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 in said note, indicate that a material uncertainty exists, which may cast significant doubt on TLSA's ability to continue as a going concern. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Other matters</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Statements of value added </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We have also reviewed the individual and consolidated interim statements of value added (&#8220;DVA&#8221;) for the six-month period ended June 30, 2016, prepared under Management&#8217;s responsibility, the presentation of which is required by the standards issued by the Brazilian Securities Commission (&#8220;CVM&#8221;) applicable to the preparation of Interim Financial Information (ITR), and is considered as supplemental information for International Financial Reporting Standards (&#8220;IFRSs&#8221;), which do not require the presentation of a DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, in relation to the interim financial information taken as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The accompanying </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">interim financial information </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">has been translated into English for the convenience of readers outside Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">S&#227;o Paulo, October 27, 2017</FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="71%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">DELOITTE TOUCHE TOHMATSU</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Gilberto Grandolpho</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="71%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt" face="Times New Roman">Auditores Independentes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Engagement Partner</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Page&nbsp;</FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">84</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;December 4, 2017</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 align=center border=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
