Investor Presentaiton

25 Adjusted Results, Net Debt - reconciliation (R$ million) 2014 2015 2016 Asset Cash and Cash Equivalent 118 48 31 Liabilities Loans and financing Short term Long term 231 84 27 163 64 17 68 20 10 Debentures 1,246 1,417 1,666 Short term 467 1,417 1,666 Long term 779 Tax liabilities 329 423 528 Short term 171 210 292 Long term 158 213 236 Gross Debt 1,806 1,924 2,221 Net Debt 1,688 1,876 2,190 estre LODES COMEÇO

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