2.0.0.10 false Stockholders equity 0217 - Disclosure - Stockholders equity true false false false 1 usd $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Stockholders' equity [Abstract] 0 us-gaap_StockholdersEquityNoteAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false No definition available. false 3 Stockholders' equity 1 us-gaap_StockholdersEquityNoteDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt">  </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left"> <tr> <td width="3%"></td> <td width="97%"></td> </tr> <tr valign="top"> <td> <b><font style="font-family: Arial, Helvetica">17 </font></b> </td> <td> <b><font style="font-family: Arial, Helvetica">Stockholders’ equity</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Each holder of common and preferred class A stock is entitled to one vote for each share on all matters brought before stockholders’ meetings, except for the election of the Board of Directors, which is restricted to the holders of common stock. The Brazilian Government holds twelve preferred special shares which confer permanent veto rights over certain matters. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Both common and preferred stockholders are entitled to receive a mandatory minimum dividend of 25% of annual adjusted net income under Brazilian GAAP, once declared at the annual stockholders’ meeting. In the case of preferred stockholders, this dividend cannot be less than 6% of the preferred capital as stated in the statutory accounting records or, if greater, 3% of the Brazilian GAAP equity value per share. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> In October 2009 the Board of Directors approved the payment of the second tranche of the minimum dividend, and an amount of additional dividends to be distributed, totaling US$1,500, corresponding to US$0.28775711 per common or preferred share in circulation. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> In April 2009, we paid US$1,250 as a first installment of the dividend to stockholders. The distribution was made in the form of dividends. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> In July 2008, we issued 80,079,223 common ADS, 176,847,543 common shares, 63,506,751 preferred ADS and 100,896,048 preferred shares through a global equity offering. Our capital increased by US$11,666, upon subscription of preferred stock of US$4,146 corresponding to 164,402,799 shares and common stock of US$7,520 corresponding to 256,926,766 shares. In August, 2008, we issued an additional 24,660,419 preferred shares, representing an increase of US$628. After the closing of the operation, our capital stock increased by US$12,294 in 2008; the transaction costs of US$105 were recorded as a reduction of the additional paid-in capital account. </div>  <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> </div>   <div style="margin-left: 0%">  <div align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div>  <div style="margin-top: 3pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Vale issued mandatory convertible notes, as follows: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">  <tr style="font-size: 1pt" valign="bottom"> <td width="48%"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="7%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="7%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="7%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="9%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="9%"> </td> </tr>   <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="6" align="center" valign="bottom"> <b>Date </b> </td> <td>   </td> <td>   </td> <td colspan="6" align="center" valign="bottom"> <b>Value </b> </td> <td>   </td> <td>   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> <b></b> </td> <td>   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>Emission</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>Expiration</b> </td> <td style="border-top: 1px solid #000000">   </td> <td>   </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000"> <b>Gross</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>Net of charges</b> </td> <td style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> <b>Coupon</b> </td> </tr>  <tr valign="bottom"> <td align="left" valign="bottom" style="border-top: 1px solid #000000"> <div style="text-indent: -8pt; margin-left: 8pt"> Tranches Rio and Rio P </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> June/2007 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> June/2010 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 1,880 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 1,869 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 5.50% p.a. </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Tranches Vale and Vale P - 2012 </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> July/2009 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> June/2012 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 942 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 934 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="right" valign="bottom"> 6.75% p.a. </td> </tr> <tr valign="bottom" style="line-height: 6pt"> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> The notes pay a coupon quarterly and are entitled to an additional remuneration equivalent to the cash distribution paid to ADS holders. These notes were classified as a capital instrument, mainly due to the fact that neither the Company nor the holders have the option to settle the operation, whether fully or partially, with cash, and the conversion is mandatory; consequently, they were recognized as a specific component of shareholders’ equity, net of financial charges. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> The funds linked to future mandatory conversion, net of charges are equivalent to the maximum of common shares and preferred shares, as follows. All the shares are currently held in treasury. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">  <tr style="font-size: 1pt" valign="bottom"> <td width="48%"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> </tr>   <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="6" align="center" valign="bottom"> <b>Maximum amount of action </b> </td> <td>   </td> <td>   </td> <td colspan="6" align="center" valign="bottom"> <b>Value </b> </td> <td>   </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> <b></b> </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000"> <b>Common</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000"> <b>Preferred</b> </td> <td style="border-top: 1px solid #000000">   </td> <td>   </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000"> <b>Common</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000"> <b>Preferred</b> </td> <td style="border-top: 1px solid #000000">   </td> </tr>  <tr valign="bottom"> <td align="left" valign="bottom" style="border-top: 1px solid #000000"> <div style="text-indent: -8pt; margin-left: 8pt"> Tranches Rio and Rio P </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 56,582,040 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 30,295,456 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 1,296 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 584 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Tranches Vale and Vale P - 2012 </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 18,415,859 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 47,284,800 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 293 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 649 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> On October 30, 2009, we paid additional interest to holders of the mandatorily convertible notes of series RIO and series RIO P, equal to the US dollar equivalent of R$0.857161 and R$1.017334 per notes, respectively, and to the holders of the mandatorily convertible notes of <font style="white-space: nowrap">series VALE-2012</font> and VALE.P-2012, equal to the US dollar equivalent of R$1.236080 and R$1.429662 per notes, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> In April 2009 we paid to holders of the mandatorily convertible notes of series RIO and series RIO P, the US dollar equivalent of US$0.490922 and US$0.582658, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Brazilian law permits the payment of cash dividends only from retained earnings as stated in BR GAAP statutory records and such payments are made in Brazilian Reais. Pursuant to the Company’s statutory books, undistributed retained earnings at December 31, 2009, totaled US$26,150, comprising the unrealized income and expansion reserves, which could be freely transferred to retained earnings and paid as dividends, if approved by the stockholders, after deducting the minimum annual mandatory dividend. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> No withholding tax is payable on distribution of profits earned except for distributions in the form of interest attributed to stockholders’ equity (Note 3 (p)). </div>  <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> </div>   <div style="margin-left: 0%">  <div align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div>  <div style="margin-top: 3pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Brazilian laws and our bylaws require that certain appropriations be made from retained earnings to reserve accounts on an annual basis, all determined in accordance with amounts stated in the statutory accounting records, as detailed below: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">  <tr style="font-size: 1pt" valign="bottom"> <td width="70%"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="7%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="7%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="7%" align="right"> </td> <td width="1%" align="left"> </td> </tr>   <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="10" align="right" valign="bottom"> <b>Year ended December 31, </b> </td> <td>   </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2009</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2008</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2007</b> </td> <td style="border-top: 1px solid #000000">   </td> </tr>  <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Undistributed retained earnings</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> <b>Unrealized income reserve</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 32pt"> Beginning of the period </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 45 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 73 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 57 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer from (to) retained earnings </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (6 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (28 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 16 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 24pt"> <b>End of the period</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>39</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>45</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>73</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> <b>Expansion reserve</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 32pt"> Beginning of the period </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 16,809 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,881 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,485 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer to capital stock </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> - </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> - </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (3,776 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer from (to) retained earnings </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,302 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,928 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,172 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 24pt"> <b>End of the period</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>26,111</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>16,809</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>13,881</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> <b>Legal reserve</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 32pt"> Beginning of the period </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,448 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,310 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 970 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer to capital stock </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> - </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> - </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (370 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer from (to) retained earnings </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 790 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 138 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 710 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 24pt"> <b>End of the period</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>2,238</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>1,448</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>1,310</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> <b>Fiscal incentive investment reserve</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 32pt"> Beginning of the period </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 38 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 53 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 43 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer to capital stock </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> - </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> - </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (41 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 40pt"> Transfer from (to) retained earnings </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 82 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (15 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 51 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td>   </td> <td>   </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td>   </td> <td>   </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td>   </td> <td>   </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td>   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 24pt"> <b>End of the period</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>120</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>38</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>53</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Total undistributed retained earnings</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>28,508</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>18,340</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>15,317</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom" style="line-height: 6pt"> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> The purpose and basis of appropriation to such reserves is described below: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Unrealized income reserve – this represents principally our share of the earnings of affiliates and joint ventures, not yet received in the form of cash dividends. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Expansion reserve – this is a general reserve for expansion of our activities. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Legal reserve – this reserve is a requirement for all Brazilian corporations and represents the appropriation of 5% of annual net income up to a limit of 20% of capital stock all determined under Brazilian GAAP. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Fiscal incentive investment reserve – this reserve results from an option to designate a portion of income tax otherwise payable for investment in government approved projects and is recorded in the year following that in which the taxable income was earned. As from 2000, this reserve basically contemplates income tax incentives (Note 6). </div>  <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> </div>   <div style="margin-left: 0%">  <div align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div>  <div style="margin-top: 3pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><font style="font-family: Arial, Helvetica">Basic and diluted earnings per share</font></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> Basic and diluted earnings per share amounts have been calculated as follows: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">  <tr style="font-size: 1pt" valign="bottom"> <td width="61%"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> </tr>   <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="10" align="right" valign="bottom"> <b>Year ended December 31, </b> </td> <td>   </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2009</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2008</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2007</b> </td> <td style="border-top: 1px solid #000000">   </td> </tr>  <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Net income attributable to Company’s stockholders</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>5,349</b> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>13,218</b> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>11,825</b> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Interest attributed to preferred convertible notes</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (58 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (46 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (16 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Interest attributed to common convertible notes</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (93 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (96 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> (37 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Net income for the period adjusted</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>5,198</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>13,076</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>11,772</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Basic and diluted earnings per share</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Income available to preferred stockholders </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,967 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 5,027 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 4,552 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Income available to common stockholders </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,083 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,823 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,092 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Income available to convertible notes linked to preferred shares </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 75 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 78 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 45 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Income available to convertible notes linked to common shares </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 73 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 148 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 83 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: 0pt; margin-left: 8pt"> Weighted average number of shares outstanding (thousands of shares) - preferred shares </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,030,700 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,946,454 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,889,171 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: 0pt; margin-left: 8pt"> Weighted average number of shares outstanding (thousands of shares) - common shares </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,181,706 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,028,817 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,943,216 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Treasury preferred shares linked to mandatorily convertible notes </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 77,580 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 30,295 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 18,478 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Treasury common shares linked to mandatorily convertible notes </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 74,998 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 56,582 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,510 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> <b>Total</b> </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>5,364,984</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>5,062,148</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>4,885,375</b> </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Earnings per preferred share </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 0.97 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.58 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.41 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Earnings per common share </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 0.97 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.58 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.41 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Earnings per convertible notes linked to preferred           share(*) </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1.71 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 4.09 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3.30 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 16pt"> Earnings per convertible notes linked to common share(*) </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.21 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 4.29 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3.51 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left"> <tr> <td width="3%"></td> <td width="2%"></td> <td width="95%"></td> </tr> <tr valign="top" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <td> </td> <td> (*)  </td> <td align="left"> Basic earnings per share only, as dilution assumes conversion </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> If the conversion of the convertible notes had been included in the calculation of diluted earnings per share they would have generated the following dilutive effect as shown below: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">  <tr style="font-size: 1pt" valign="bottom"> <td width="61%"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> <td width="1%"> </td> <td width="1%" align="right"> </td> <td width="10%" align="right"> </td> <td width="1%" align="left"> </td> </tr>   <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="10" align="right" valign="bottom"> <b>Year ended December 31, </b> </td> <td>   </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom">   </td> <td>   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2009</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2008</b> </td> <td style="border-top: 1px solid #000000">   </td> <td style="border-top: 1px solid #000000">   </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> <b>2007</b> </td> <td style="border-top: 1px solid #000000">   </td> </tr>  <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Income available to preferred stockholders </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 2,100 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 5,151 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000"> 4,613 </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Income available to common stockholders </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,249 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,067 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,212 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> Weighted average number of shares outstanding (thousands of shares) - preferred shares </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,108,280 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,976,749 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,907,649 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> Weighted average number of shares outstanding (thousands of shares) - common shares </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,256,704 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,085,399 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,977,726 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Earnings per preferred share </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1.00 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.61 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.42 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Earnings per common share </div> </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 1.00 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.61 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td nowrap="nowrap" align="right" valign="bottom"> 2.42 </td> <td nowrap="nowrap" align="left" valign="bottom">   </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> </div> </div>  <!-- Begin Block Tagged Note false false false Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. 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