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    &lt;div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"&gt;All the above mentioned short-term investments are made through the use of low risk fixed
    income securities, in a way that: those denominated in Brazilian reais are concentrated in
    investments indexed to the CDI, and those denominated in US dollars are mainly time deposits,
    with the original due date less than three-months.
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 -Name Staff Accounting Bulletin (SAB)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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 -Paragraph 1
 -Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
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