2.2.0.25falsefalse0218 - Disclosure - Stockholders' Equitytruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_StockholdersEquityNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNo definition available.falsefalse
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<!-- Begin Block Tagged Note 18 - us-gaap:StockholdersEquityNoteDisclosureTextBlock-->
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<td width="3%" nowrap="nowrap" align="left"><b>18</b></td>
<td width="1%"> </td>
<td><b>Stockholders’ equity</b></td>
</tr>
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<td>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.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In January 2011 (subsequent period), the Board of Directors approved the extraordinary payment
from January 31, 2011, of interest on capital, in the total gross amount of US $1 billion,
which corresponds to approximately US$0.191634056 per outstanding shares, common or preferred,
of Vale issuance, referred to the anticipated distribution of income of the year of 2010,
calculated on the balance of June 2010, this value is subject to the incidence of income tax
withheld at the rate in force.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On October 14, 2010, the Board of Directors approved the following proposals: (i) payment of the
second tranche of the minimum dividend of US$1,250 billion and (ii) payment of an additional
dividend of US$500. The payments were made on October 29, 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On September 23, 2010, the Board of Directors approved a share buy-back program. The shares are
to be held in treasury for subsequent sale or cancellation, amounting up to US$2 billion and
involving up to 64,810,513 common shares and up to 98,367,748 preferred shares. As of December
31, 2010 we had acquired 10,029,700 common shares and 21,125,300 preferred shares. The share
buy-back program was completely executed in October 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In April 2010, we paid US$1,250 as a first installment of the dividend to stockholders. The
distribution was made in the form of interest on stockholders’ equity.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In June 2010, the notes series Rio and Rio P were converted into ADS and represent an aggregate
of 49,305,205 common shares and 26,130,033 preferred class A shares respectively. The conversion
was made using 75,435,238 treasury stocks held by the Company. The difference between the
conversion amount and the book value of the treasury stocks of US$1,379 was accounted for in
additional paid-in capital in the stockholder’s equity.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The outstanding issued mandatory convertible notes as of December 31, 2010, are as follows:</td>
</tr>
</table>
</div>
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<td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Date</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Value</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Headings</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Emission</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Expiration</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Gross</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Net of charges</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Coupon</b></td>
<td> </td>
</tr>
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<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches
Vale and Vale P - 2012
</div></td>
<td> </td>
<td colspan="3" align="center">July/2009</td>
<td> </td>
<td colspan="3" align="center">June/2012</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">942</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">934</td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6,75% p.a.</td>
<td> </td>
</tr>
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</table>
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<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
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<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Maximum amount of action</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Value</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Headings</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Common</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Preferred</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Common</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Preferred</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches
Vale and Vale P - 2012
</div></td>
<td> </td>
<td> </td>
<td align="right">18,415,859</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,284,800</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">293</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">649</td>
<td> </td>
</tr>
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</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In January 2011 (subsequent period), Vale paid additional
remuneration to holders of mandatorily convertible notes, series
VALE-2012 and VAPE.P-2012, R$0.7776700 and R$0.8994610, respectively,
and in October 2010, VALE-2012 and VAPE P-2012, R$1.381517 and
R$1.597876 per note, respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In April, 2010, we paid additional interest to holders of mandatorily convertible notes: series
RIO and RIO P, US$0.417690 and US$0.495742 per note, respectively, and series VALE-2012 and
VALE.P-2012, US$0.602336 and US$0.696668 per note, respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Brazilian law permits the payment of cash dividends only from retained earnings as stated in the
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, 2010, total
US$26,150, comprising of 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 of the minimum annual mandatory dividend, which is 25% of net income of the parent
Company.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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)).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Brazilian laws and our By-laws 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:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The purpose and basis of appropriation to such reserves is described below:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Expansion reserve — this is a general reserve for expansion of our activities.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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).</td>
</tr>
</table>
</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>Basic and diluted earnings per share</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Basic and diluted earnings per share amounts have been calculated as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income from continuing operations attributable to Company’s
stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,917</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,030</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,407</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,349</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,218</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations, net of tax</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(143</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income attributable to Company’s stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,917</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,038</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,264</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,349</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,218</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest attributed to preferred convertible notes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(72</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(58</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(46</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest attributed to common convertible notes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(61</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(93</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(96</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income for the period adjusted</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,884</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,022</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,477</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,131</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,198</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,076</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Basic and diluted earnings per share</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to preferred stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">2,231</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,314</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">559</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,566</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,967</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,027</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to common stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">3,579</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,635</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">876</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,353</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,083</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,823</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to convertible notes linked to preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">153</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">78</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to convertible notes linked to common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">148</td>
<td> </td>
</tr>
<tr>
<td style="font-size: 10pt"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">1,997,276</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,056,473</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,030,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,035,783</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,030,700</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,946,454</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">3,204,203</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,230,765</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,210,023</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181,706</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,028,817</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury preferred shares linked to mandatorily convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">47,285</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,285</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,580</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,285</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,580</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,295</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury common shares linked to mandatorily convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">18,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">56,582</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,267,180</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,352,939</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,365,303</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,311,507</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,364,984</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,062,148</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.58</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.58</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.76</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.09</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.29</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Continuous operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.78</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.57</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.05</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*) </td>
<td> </td>
<td>Basic earnings per share only, as dilution assumes conversion</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 1pt; margin-top: 0pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>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:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 7.5pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to preferred stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">2,307</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,378</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">599</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,791</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,100</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,151</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to common stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">3,610</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,660</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">920</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,473</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,249</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,067</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">2,044,561</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,103,758</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,108,578</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,083,068</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,108,280</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,976,749</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">3,222,619</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,249,181</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,256,725</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,228,439</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,256,704</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,085,399</td>
<td> </td>
</tr>
<tr style="font-size: 10pt">
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.61</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.61</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Continuous operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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